Debt management programs are structured plans designed to help individuals manage and reduce their debt. These programs typically involve working with a credit counseling agency that negotiates with creditors to lower interest rates and monthly payments. Participants make a single monthly payment to the agency, which then distributes the funds to creditors. These programs can help individuals regain control of their finances and avoid bankruptcy. They often require a commitment to budgeting and financial education, ensuring that participants develop better money management skills. Overall, debt management programs aim to provide a clear path toward becoming debt-free.