Getting a debt management plan through Freedom Debt Management is a great step toward becoming debt free.  Freedom Debt Management is a non-profit credit counseling company that will help you consolidate your unsecured debt and pay it off within five years.  Although their credit counselors are there to help you, you will need to put in some preparation and commitment to make the debt management plan successful.

Before your consultation with your credit counselor, you will need to gather several items.  Call all of your creditors and find out your current balance, current interest rate, any outstanding fees, and whether or not your account is delinquent.  You should also know your current household income, the amounts of other loans, such as home and auto loans, and estimates of your other household expenses.

Once at your consultation, be sure to be open and honest with the credit counselor.  Although debt can be embarrassing, withholding information may impact the outcome of your debt management plan and may hinder its success.

Once the debt management plan (DMP) has been initiated, it is up to you to make regular, timely payments each month.  Even if your creditors have previously waived late fees, they will likely be either unwilling or unable to do so once you are on a DMP.  Be sure to check your statements each month to ensure that each creditor is being paid. If you notice that a payment has not been made, immediately contact your credit counselor.  Even if the mistake is not yours, you are still held responsible for those payments.  If you find out that your credit company closes or goes out of business while your DMP is still open, make sure that you contact your creditors as soon as possible, and begin making payments directly to them.  Most will not excuse late payments, even if it is because your credit counseling company has closed.

As long as you prepare well and remain vigilant, Freedom Debt Management can help you become debt free.