Debt Management Plan Question

iVillage Member
Registered: 04-26-2007
Debt Management Plan Question
Wed, 07-30-2008 - 12:24am

I have entered into a debt management plan through a place called Money Management International. Has anyone ever done something like this? I've been talking to people on the debt support board and they all say it's a good company. They are mentioned in a Suze Orman book and on Quicken software. This is how it works: you deposit money with them and they negotiate better terms with your credit card companies. But in the first few months they have to write letters to the credit cards to make offers to lower interest rates and payments, so you might become late in the first few months. BUT, all of our debt will be paid off in 4 years instead of almost 25 years on our own. I have to close the accounts and not use the cards anymore, which is fine. It's not supposed to hurt your credit...but it might a little.
I would love to hear from someone who has done this or knows about it.

thanks

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