MLchartDataset catalogue

Debt-management plan

Term · Law · MLC-T-LAW-001488

A structured program offered by credit counseling agencies to assist individuals in repaying unsecured debts, such as credit card balances and medical bills. Under a DMP, the agency negotiates with creditors to reduce interest rates or waive fees, consolidating multiple payments into a single monthly payment to the agency. These plans typically last three to five years.

Table 1. Record
IdentifierMLC-T-LAW-001488
FieldLaw
AbbreviationDMP
Record as JSON 
{
  "id": "MLC-T-LAW-001488",
  "term": "Debt-management plan",
  "field": "Law",
  "definition": "A structured program offered by credit counseling agencies to assist individuals in repaying unsecured debts, such as credit card balances and medical bills. Under a DMP, the agency negotiates with creditors to reduce interest rates or waive fees, consolidating multiple payments into a single monthly payment to the agency. These plans typically last three to five years.",
  "abbreviation": "DMP",
  "url": "https://mlchart.com/terminology/law/debt-management-plan/"
}

Record 1,351 of 5,439 in Law terminology (MLC-0107). Request the full dataset.