Final answer:
Debt Management Monitors (DMMs) are professionals who help individuals and businesses manage their debts and develop effective strategies for repayment.
Step-by-step explanation:
They monitor the financial status of their clients, negotiate with creditors on their behalf, and provide guidance on budgeting and financial planning.
Some of the duties of DMMs include:
- Evaluating the financial situation of clients and assessing their debt levels.
- Creating personalized debt repayment plans tailored to clients' needs and financial capacities.
- Negotiating with creditors to lower interest rates, waive fees, or modify repayment terms.
- Providing financial education and counseling to help clients develop better money management skills.
- Monitoring clients' progress and making adjustments to the repayment plan as necessary.
Overall, debt management monitors play a crucial role in helping individuals and businesses regain control of their finances and achieve debt-free futures.