Quick Wealth Network

Any anyone used Money Management International for debt consolidation?

My husband and I have a large amount of credit card debt to pay down. We contacted Money Management International and they created a debt management program through them in which we would pay a certain amt. of money to them each month for 50 months in order to pay down the cards. Sounds okay as a way out with a definite end date. The worry I have is the "no credit" clause in the agreements. You aren't to take out any new credit while you're on the program. I agree that we shouldn't take out any new credit cards or anything. BUT, we do have two car leases that are coming to an end next year and a mortgage that we'll most likely refinance (because of an ARM) in two years. Those are pretty big credit commitments. Ideas? Experiences? Right now we have good credit (although WAY too much of it) and the idea of completely ruining a good credit history is very daunting to me. Anything you could share would be greatly appreciated!!! I haven't signed any contracts with them yet - and would like to get out of debt myself. It just seems so overwhelming!

Public Comments

1. First, cancel your debt consolidation contract (if you can). Many of these companies will simply let your accounts lapse just so they can try to settle the debt. Second, get out of debt yourself. Otherwise, you've never changed your behavior which got you in debt in the first place. Finally, go buy a book called 'Total Money Makeover'. This book will teach you how to eliminate your debt. You can also consider a class (taught by the same person that wrote the book) called 'Financial Peace University' (see www.daveramsey.com). My wife and I took this class in 2004 and are now debt free (except our house). The average family taking this 13 course pays off $5,800 and savings $1,200. Contact me if you want specific help. My wife and I now teach this class and have seen many people eliminate a ton of debt. Scott.....
2. getting out of debt is pretty easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is: http://umgarticles.atspace.com/debt-consolidation.htm a couple of years ago I took an debt consolidation plan, however I made some errors, luckily for you they are all tackled in this article. good luck