Get the most out of debt management. Help yourself by filling out the form on the right to be contacted by a professional debt counselor.

Consumers who are tired of falling behind on paying their monthly bills, racking up late fees and answering collection calls may want to consider a debt management program.

A debt management company has credit counselors who assist consumers by creating a personalized debt management plan to help them handle their debts.

According to the Federal Trade Commission, reputable debt management companies have counselors who are trained and certified in money and debt management, consumer credit, and budgeting. Also, debt management companies that are nonprofit have legal obligations to offer education and counseling to consumers.

A consumer wanting to work with a credit counselor should first do research on debt management services available in the areas in which they live. Surprisingly, credit card issuers are sometimes helpful in recommending debt management companies. A consumer may also want to check out companies through the local Better Business Bureau or the state's Attorney General Office.

The FTC suggests that consumers look at the type of services a company provides, which could include debt management classes, counseling and education services. Consumers should also find out whether the company is licensed, how much the monthly fees are charged for services, and what the company does with its clients' personal and financial information. In addition, consumers should be leery of companies that require them to pay an up-front fee to find out about their services.

When a company is selected and an appointment is made, the consumer is told to expect at least an hour-long interview, in person or over the phone, with a credit counselor. The individual should be prepared to present such information as:

The credit counselor takes this information and with assistance from the individual, develops a payment plan. An account is created for the individual to deposit money on a biweekly or monthly basis so that the debt management program can make timely payments to creditors. Until the program is up and running, credit counselors will advise their clients to continue paying their monthly financial obligations.

A major benefit of using a debt management program is that credit card issuers are willing to work with credit counselors on behalf of the cardholder. Banks may also be willing to lower the monthly minimum payments as well as the interest rates once they discover the credit card holder is working with a reputable debt management company.

Once an agreement is reached with the bank, the card holder will not be able to use the credit cards as before. However, upon successful completion of the debt management program, the bank will determine whether to re-issue a credit card to the individual, should he or she request another card.

In the meantime, the cardholder should be prepared to change his or her spending habits by following the debt-reduction plan. Individuals should notify their counselors if they see that they are about to fall behind on making their regular deposits to the program.

Debt management companies will send their clients regular reports on their account status. It is important for consumers to review these reports to determine how well they are doing in paying off their debts. After following the debt management plan over a period of time, consumers will feel the financial weight lifting off of their shoulders. Eventually, the burden will be completely gone when consumers see their debts completely eliminated.