Incorporating Savings into the Debt Management Plan

Karen Heisler and Seth Lutter

Chapter Chapter 12 in A Fragile Balance, 2015, pp 193-200 from Palgrave Macmillan

Abstract: Abstract This chapter introduces a plan to promote emergency savings among consumers who are struggling to pay off their debts, but have chosen to enroll in a debt management plan (DMP). DMPs are typically focused on the relatively short-term goal of helping clients pay off existing debt and become financially stable; adding a savings component would also promote long-term behavioral change to support enduring financial security. Encouraging consumers to save money even as they pay off their debts would underline the importance of “paying yourself first,” a vital component of long-term financial security.

Keywords: Saving Account; Credit Score; Program Completion; Monthly Payment; Payday Loan (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-48237-2_12

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DOI: 10.1057/9781137482372_12

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