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Thursday, April 24th 2014

Credit Card Glossary

Credit Card Glossary: Terms and Definitions

Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.

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Debt management plan (DMP)
In credit counseling, a debt management plan (DMP) is a formal agreement between a debtor, a credit counseling firm and creditors. The debtor agrees to make a single, regular payment to the counseling firm, which distributes it among creditors on an agreed-upon schedule. Credit card firms offer some concessions to debtors who enter debt management plans by, for example, trimming interest rates. Entering into a debt management plan does not directly impact a credit score, but may indirectly make future borrowing more difficult.

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