Is Debt Management Program Right for You?

You have to find out yourself if a debt management program is right for you. As for me, a credit-card-debt woman who has been in a debt management program known as AKPK debt management program since October 2008, it is right for me.

A debt management program is right for me in the sense that I didn't have to resort to going bankruptcy.

Although I was able to bring my credit card debt down from RM63,809 ($18,000 plus) to RM40,344, I still opted for the debt management plan to help me get out of credit card debt without stress.

You must have solid reasons as to why you think a debt management program, also known as debt management plan, is the right debt relief option for you.

As for me, there were a few reasons that prompted me to give up all my credit card accounts and sign up with the debt repayment plan.

First off, I had had enough of stress brought about by the accumulating late payment fees, over-limit charges and other surprise fees imposed by the banks. Haunting phone calls from banks, warning notices by creditors and visits made by third party collection agencies stressed me out most of the time.

Next, the piled up late payment and over the limit fees made my effort of paying down credit card go wasted. The total amount of the debt that didn't seem to drop much always left me wondering if I would ever get out of debt.

With hubby's meager income and my decreasing online income, there's always not enough money to pay the minimum payment of all credit cards. No savings at all at that time!

When knowing that it's going to be difficult to make next month's minimum payments, I knew it's time to get help.

Yes, I got help from a debt management program; it's a FREE debt management program available in my country, Malaysia.

It's not any US non-profit or for-profit debt management plan that charges a nominal fee. No enrollment fee. No monthly service fee.

Of course, my life Before and After enrolling in the debt management is different. Now after being in the DMP for more than 10 months, I am paying down my credit card debt without stress. Instead of paying more than RM2,500 (both hubby's and mine), we only need to pay RM680 (mine RM320, hubby's RM360.)

Because of the lower monthly debt repayment, I am able to save extra money for emergency fund. Sometimes, there is even extra cash for small treats.

Before the DMP, my life revolved around working and paying off credit card debt. No entertainment. Now, there is a balance among work, debt and life.

As there isn't much to worry about my credit card debt anymore, I can now focus on making more money online by building my niche blogs and exploring more income streams. More money earned from the Internet means that I can increase my savings on emergency fund and have extra money to pay more to the debt in future.