Q: What is the difference between credit counseling and debt management?

A: Technically speaking, debt management is an element of credit counseling -- just one of the several services credit counseling firms offer to the public. From a practical standpoint, however, the terms are virtually synonymous. People frequently use the term "credit counseling" to refer to the establishment of a debt management plan (DMP). This "misusage" of terminology is now so common that you have to just judge by the context of the sentence whether someone really means credit counseling, or if they're actually using it as a synonym for debt management.

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