Debt Management Plans

Find a Path Out of Debt with Our Nonprofit Debt Management Plan

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Choosing which bills get paid this month? Dealing with credit card debt? Debt collectors won’t stop calling? Feeling stressed about money? Don't wait...take action now.

We offer nonprofit debt relief services such as a nonprofit Debt Management Plan (DMP), formerly known as a Debt Management Program, which may lower your payments and reduce interest rates by consolidating your payments into one each month. We are certified by the National Foundation for Credit Counseling (NFCC) and our financial counselors are ready to support you in achieving financial wellness!

What is a Debt Management Plan

A Debt Management Plan is an agreement made between you and your creditors to pay off outstanding debts. You create a plan with a financial counselor, consolidate your payments, then make one payment to us each month, and we send the funds to your creditors.

Payments for a DMP are typically lower than your current payments, and most creditors will significantly reduce interest rates and stop fees once you are on a DMP. With on-time payments, your debt will be paid off in five years or less. This timing depends on the amount of your balances.

A Debt Management Plan Will:

  • Provide you an affordable payment plan and the simplicity of one payment.
  • Typically lower your interest rates.
  • Help you pay off your debt faster.
  • Result in full repayment of your debts.
  • Take the fear out of answering the phone and opening your mail.
  • Include ongoing support from a dedicated support team and your NFCC-certified financial counselor whose goal is helping you achieve financial wellness.

Begin Your Debt Free Journey

Is There a Fee?

Your Budget & Debt Counseling sessions with a financial counselor are completely free. If you choose to start a Debt Management Plan, you will pay a small monthly fee to LSS. This can vary by the state you live in and amount you owe. A small one-time DMP setup fee may also be charged. Your counselor will explain all your options and applicable fees during your counseling session.

What Do I Need for Counseling?

In order for your financial counseling session to be as productive as possible, it is helpful to have the following information available:

  • Your monthly income.
  • Typical monthly expenses.
  • Statements from your creditors.
  • Any other information you believe would be helpful in understanding your financial situation.

Don't have everything? Don't worry — contact us anyway! We'll guide you every step of the way!

Pay Off Debt with an LSS Nonprofit Debt Management Plan

Matthew's life is a lot freer and a lot less worrisome after completing a DMP with us!


Debt Management Plans vs. Debt Consolidation Loans

Learn about the differences between Debt Management Plans and debt consolidation loans.


Get Started Today

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Our free and confidential services are available nationwide by phone or virtually. We also offer in-person appointments across Minnesota.

We have counselors who are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.

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LSS Financial Counseling