DMP works like a debt consolidation process. First a counselor determines how much money you have available to pay your debts, then based on this information a repayment plan is set-up just for you. Finally, the creditors are contacted to request their cooperation. There are creditors that are willing to waive or reduce interest charges for clients allowing them to catch up quickly. This department offers at no cost money management workshops to community groups, schools and employers.
Participants learn how to develop a monthly budget and a personal spending plan.
This department offers free six-hour workshops to educate homebuyers regarding prepurchase decisions and default prevention. Through HUD's individual counseling and the workshops, people can learn about budgeting, credit, the loan process and real estate terminology. The Hispanic Credit Education Campaign Last March, the Consumer Credit Counseling Service took the leadership in a campaign targeting the Hispanic community in Los Angeles. The Hispanic Credit Education Campaign is a alliance of lenders, merchants and financial institutions with the objective to promote the wise use of credit, and to provide alternatives to bankruptcy through education, personal finance counseling and debt management programs. But the ability to achieve these goals can be threatened by the lack of understanding or misinformation regarding the role good credit plays in the financial system in the United States.