Debt Management

Services

Debt Management

Learn more about a Debt Management Plan in a Financial Counseling session. You and your counselor will work as a team and find the best way for you to become debt-free.

Financial Counseling


A Parachute Certified Financial Counselor can:
  • Thoroughly review your income and expenses
  • Explain your Credit Report and Score
  • Analyze your unsecured debts and walk through repayment options for:
    • Credit cards
    • Personal loans
    • Collection accounts
    • Medical bills
  • Provide you with expert action steps to resolve your debt challenges

Debt Management
Plan (DMP)


You partner with Parachute to make one monthly payment on all your unsecured debt. We negotiate with your creditors to lower your interest rates, lower monthly payments, and stop fees. After that, you’re able to pay your debt in full in 5 years or less.

FAQs
What debts can a Debt Management Plan (DMP) help with?

We can work with most unsecured debt:

  • Credit cards
  • Personal loans
  • Medical bills
  • Collection accounts
Can I obtain a mortgage or auto loan while I am on a Debt Management Plan?

Yes! The DMP itself will not prevent you from obtaining credit. You may obtain a mortgage or auto loan while on a DMP, as long as your credit score is healthy and you meet your lenders’ requirements.

Do I have to be behind on my payments for you to help me?

No! Parachute’s DMP can help you wherever you are with your debts, current or behind. Addressing the problem early can help prevent further harm to your credit score.

Is a Debt Management Plan my only option?

No! Every person’s situation is unique! Although most people see a benefit from a DMP, our financial counselors will review your specific situation and options to help you decide what will work best for you.

Does Parachute charge a fee for the Debt Management Plan you offer?

If you enroll on to a Debt Management Plan, there is a small monthly fee to cover the cost of the service. The fee can vary according to the state you reside in, but will not exceed $35 monthly. With the monthly fee included, your plan payment will most likely be less than what you are currently paying.

I was somewhat nervous, but my Counselor at the time was very understanding. I paid off about $30000 worth of debt in the 4 years 3 months and at the end of it I managed to buy a house by myself.

Jennifer B.

Debt: $30,000