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Erschienen in:
2015 | OriginalPaper | Buchkapitel
Incorporating Savings into the Debt Management Plan
verfasst von : Karen Heisler, Seth Lutter
Erschienen in: A Fragile Balance
Verlag: Palgrave Macmillan US
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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.