If you have tried on your own to manage your debt effectively and reduce what you owe, and you find that you are still unable to pay your creditors on time, don't assume that bankruptcy is your only answer. You may find that debt counseling and a debt management program, also referred to as a DMP, could be just the solution to your problems.

The Debt Management Program from ClearPoint (formerly ByDesign Financial Solutions) may be the best possible solution for some people struggling with unmanageable credit card and other unsecured debt. We work with you and your creditors to design a debt repayment program that will minimize monthly payments, interest and related fees in a customized, manageable plan to pay off your debt.

If you have already been through an initial budget counseling session with a certified Financial Specialist, and have determined that a DMP is the best solution for you, you will first need to get all of your creditor information in order. Your credit information includes all unsecured debt such as credit cards, medical bills or loans.

Your debt counseling agency will negotiate with your creditors to lower your monthly payments and reduce the amount of interest and finance charges you are paying on your outstanding debt. It may also be possible to have late charges and over-the-limit fees waived if you sign up for the Debt Management Program.

A debt management program serves the dual purpose of helping you repay debts and helping your creditors receive the money owed them.

If you feel you need the assistance of a certified Financial Specialist in developing a plan to get out of debt, call ClearPoint (formerly ByDesign Financial Solutions) at 877-412-2227.