Disadvantages / Cons of a Debt Management Program
There are also a number of disadvantages to a Debt Management Program – most notably that it is reflected on your credit report that you are receiving help from a third party to repay your debts. However, repaying your debt is better than struggling to make partial payments, making no payments, or declaring bankruptcy.
If you choose to meet with a credit counsellor, they will explain all of the disadvantages to you, and answer any questions you might have. Here is our list of cons or disadvantages with a Debt Management Program: