A debt management plan (DMP) is a structured repayment program designed to help individuals manage and pay off their unsecured debts, such as credit card balances. Through a DMP, a credit counseling agency negotiates with creditors to potentially lower interest rates and monthly payments, making it easier for individuals to repay their debts over time. Participants in a DMP make a single monthly payment to the credit counseling agency, which then distributes the funds to creditors. This plan typically lasts three to five years and can help improve financial stability while avoiding bankruptcy.