If you have reviewed your options for debt relief and decided you’re interested in a debt management plan to pay off your credit card debt, you’re probably wondering how to get started. Fortunately, it’s a straightforward process that can have you saving money and on the road to debt freedom quickly. Here’s a look at how to enroll in a debt management plan.

STEP 1 — Complete Credit Counseling

The first step to enroll in a debt management plan is completing credit counseling. Through this free process, you will review your income, expenses, and debts to develop a more complete picture of your current financial situation. You will also create a budget based on your numbers and this will determine if you are eligible to participate in a debt management plan. You can complete credit counseling on the phone with a certified counselor or do it at your own pace online.

STEP 2 — Review Debt Management Plan Benefits

If you qualify, your counselor will explain the benefits of a debt management plan. These include lower interest rates, consolidating your payments into one convenient monthly payment, a path to bring past-due accounts current, and faster pay-off time. Debt management plans combine many of the best features of other debt relief options, such as debt consolidation and debt settlement, without the drawbacks.

STEP 3 — Review, Sign & Return Debt Management Plan Agreement

After explaining the benefits of a debt management plan, a counselor will prepare and send your debt management agreement. This document outlines the terms of your Debt management plan,  including which accounts you enroll in the plan, monthly payment amount, estimated interest savings, and expected pay-off date. Once you review the plan and sign it electronically, our counselors will start contacting your creditors to let them know you’ve enrolled in a debt management plan.

You are free to exit your plan at any point during the process, but doing so can cause you to lose creditor concessions, like lower interest rates. We want you to be successful, so please talk with a counselor if you have questions or concerns before you decide the plan isn’t working for you. We may be able to rework your budget, adjust your payment date, or offer semi-monthly payment options to make it easier to stay on your debt management plan.

STEP 4 — Make Initial Debt Management Plan Payment

Once you’ve signed and returned your agreement, your counselor will arrange your first plan payment. To streamline the process and ensure you always make your payment on time, we recommend setting up an electronic funds transfer for the payment amount every month.

If you run into any issues, you can adjust your payment date by calling a counselor logging into your account at MyTCA.org. You can also arrange extra payments if you run into unexpected cash from bonuses, overtime, or tax refunds.

STEP 5 — Respond to Follow-up Questions

Getting your account up and running is generally a smooth process, but questions can come up. If you receive a message from a counselor after you’ve signed your agreement, please return the call promptly. They may have questions about accounts, balances, or other essential information they need to finalize your debt management  plan with creditors.

STEP 6 — Watch Balances Go Down

Once you’re all set up on the plan and making regular monthly payments, you’ll be amazed to see how quickly your credit card balances go down. That’s because the lower interest rates mean more of your payment goes toward paying down the principal, rather than simply covering the interest. Many clients are so motivated by seeing this early success, they find ways to bring in extra money simply so they can make additional debt management payments each month and pay off their debt even faster.