HR Update

Learn About Debt Management Plans (DMPs)

Shannon Doyle with LSS Financial Counseling discussed Debt Management Plans (DMPs) in a recent Money Minute segment on a Twin Cities TV station. LSS is the official provider of financial counseling services for University employees.

A DMP combines your credit card payments so that you only pay one monthly payment to creditors, made through LSS. Most creditors will then offer lower interest rates and stop any late fees, which means you can pay down the debt faster. There is a monthly service fee based on the size of your payment, but LSS waives the DMP set-up fee for University of Minnesota employees. Since 2014, LSS has helped University employees pay down more than $5 million in debt through DMPs.

If you think a DMP may be a good option for you or a family member, set up a free and confidential appointment with an LSS consultant to discuss your personal situation and the DMP contract. 

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