A popular saying goes, “Anything worth doing is worth doing right.” Getting out of debt is no exception here. When you settle on a plan to eliminate your debt, you want to give it your all and maximize your chances of success.

Debt management is essentially a form of consolidation, but instead of taking out a loan you enroll in a debt management plan (DMP) through a credit counseling agency. You’ll then start making one monthly payment to that agency instead of directly to creditors; the agency will pass along those funds accordingly. The primary advantage is a DMP may qualify you for lower interest rates and waived fees. You can generally expect a DMP to last three to five years, during which time you’ll be responsible for making timely payments.

If you are considering a DMP to get rid of your debts, here are four tips for making the most of this process.

Find an Accredited Credit Counseling Agency

The very first step is making sure you work with a reputable, accredited credit counseling agency from day one. It’s important to meet with a credit counselor first to go over your financial situation in detail — only then should they recommend a DMP.

Reputable credit counseling agencies will have no qualms about offering you free information about its services. The Federal Trade Commission recommends checking with your state Attorney General and local consumer protection agency to see if prospective credit counseling agencies have complaints on file.

Continue narrowing down your list of options until you’ve settled upon the best fit. Watch out for red flags, such as an insistence you provide personal information up front before they will provide information about their services and rates. 

Make Sure a DMP Is a Good Fit for You

A credit counselor may suggest a debt management plan, but it’s ultimately your responsibility to know what this strategy entails and decide if it’s the best fit for you.

According to NerdWallet, you may consider a DMP if:

• You have unsecured debt totaling 15 to 39 percent of your yearly income.
• You have a source of steady income and believe you could pay off your debts within five years at a lower interest rate.
• You can go without opening new lines of credit while enrolled in the DMP.

Unsecured debts include those not tied to a physical asset — think credit cards, medical bills and some personal loans. If you find your unsecured debts are 40 percent of your annual income or higher, you may need a more intensive solution like debt settlement. 

Know How Much You’ll Pay in Fees

Though a DMP may be able to earn you a break on interest and fees to creditors, you’ll likely have to pay a fee to participate. There are initial setup fees (often $30 to $50) as well as monthly fees (often ranging from $20 to $75). As Experian points out, fees vary by agency and state — and some people may qualify for accommodations based on their financial situation.

Be Prepared to Avoid Using Credit

Keep in mind you must avoid using credit for the duration of your DMP. This encompasses opening new lines of credit and putting purchases on existing cards. Violating this rule may even result in your creditors revoking their previous offer to lower interest and/or waive fees.

Making the most of debt management hinges on choosing the right agency, ensuring a DMP is a good fit for your financial situation, knowing how much you’ll pay in fees and being prepared to change your credit habits for three to five years.