Debt management plans offer credit counseling clients a different and new approach for tackling their finances. Consider the following factors in deciding if entering into a debt management plan is right for you.

Consolidated Monthly Payment Debt Management - This consists of one monthly payment of your credit card debt and other unsecured debt. Instead of several payments that are sent out monthly, the credit counseling agency will receive your monthly payment and break it down to individual payments to all of your creditors.

Reduced Interest Rates - Although some creditors have tightened their guidelines regarding interest rate reduction, there are still some credit card companies that will reduce rates as far as charging no interest while you are on the debt management plan.

Reduced Monthly Payments - The days of a creditor reducing the monthly payment by half or more seem to be over; however, several creditors are continuing to reduce payments by a number of percentage points if you are enrolled in a debt management plan. This can help you free up money to apply elsewhere, such as in a savings account or a retirement account.

Stopped Late and Over-Limit Fees - This is probably the most beneficial portion of the debt management plan for a credit counseling client who is behind with payments to creditors. The average late or over-limit fee is about $29.

Accounts Closed - All of your credit card accounts are closed to further charging, which can help keep you from incurring more debt.

Debt management programs offer an array of help with little to consider as negative. The service is designed to assist anyone in need of freeing themselves of the burden of debt. In today's difficult economy, it may prove to be a helpful option for you.