....Just understand it.  If you do a simple Google search on "DMP," the list of articles and sites produced goes on and on, from definitions, to the companies that can help, to the companies that can't help.  It is all there and it is all overwhelming! 

I was very scared and nervous two and a half years ago when I first came across CareOne and the options available to me: the Debt Management Plan (DMP), Debt Consolidation, Debt Settlement Plan (DSP), or Bankruptcy - it is a lot to take in for someone who is already overwhelmed with what they got themselves into.  Bottom line, it truly is like everything else we get ourselves into; do your research and understand your choices.  Everyone is different and everyone will have different needs.  What you can't do is let your expectations drive you. 

There is no "silver bullet" that will take away your financial problems and any company or person that tells you that there is, must be lying to you.  No matter what path you choose, there are positives and negatives that go along with it - it's great to look at the positives, but don't pretend the negatives don't exist.  For me, a DMP was the one that made the most sense.  I wanted to pay off my debts and was able to, but I needed to do it with some help and I needed someone to shoot me straight.  It was going to be a long and hard five years.  My focus had to be on the end result, and it was and still is. 

While I continue to pay down my debt, I have my obstacles:  dealing with credit score adjustments, having a very tight budget, and not having as much flexibility with my investment buying as I used to.  But that comes with the fact that I accumulated a debt that I could not pay for and had no right accumulating.  A Debt Settlement Plan may be a great option for others; but again, knowing the full definition of what that means is so important.  Great, you pay off your debt for less, but what does it do to your tax return after you settle your debts?

There are a lot of questions as it relates to our world of finance.  Nothing is as clear and easy as it seems, but I will say from experience, don't be afraid to ask and if it doesn't feel right - it probably isn't.  Here is a great resource for consumers to get informed:  http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre38.shtm

I was fortunate to find CareOne and not be taken advantage of, but with the economy as it is, please do your homework and take responsibility for yourself--there are too many people that are looking to make a buck: your buck! 

Related Posts:

Month 3 on a DMP

Top 3 Questions about A DMP 

My Name is Katie & I am in Debt

Katie Simmons

Katie is a participant in the CareOne Debt Management Plan. Katie is a contributing writer for the Single & settling in blog. Katie's story is not unique.  She lived beyond her means and it caught up to her!  Over 2 years ago she made the decision that no one could get her out of the mess she created with her debt, but her.  Since then, she has embarked on an adventure of learning how to take care of herself without credit cards in her life and how hard it can be to be single and in debt.  She is experiencing every challenge and every success while working her hardest to be debt free. Compensated CareOne Blogger.

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