Established Member
Posts: 23
Registered: ‎01-29-2009

Credit Counseling / Debt Management Program

My husband & I have many credit cards that are very late.  I had him call on a few that are seriously late to ask what they can do.  The offers are not within our means.  If I had what they wanted, I wouldnt have gone late in the first place.  Can I get better luck with a credit counseling service or DMP? Can anyone recommend a trustworthy, with good results?
Posts: 97
Registered: ‎05-29-2007

Re: Credit Counseling / Debt Management Program


I am in a dmp right now. Ive been in it since 2/08. My average interest rate on the cards is probably between 10-11% and my monthly payment is $1261 on $54k of original debt. Its now down to about $40k. It was good for me because before I did this, I was churning, just paying the high interest rates, but not bringing the principal balance down. I think there monthly charge is about $25 but the rates they got for me make it worthwhile because I will soon be out of debt completely and have my credit still intact.

Super Contributor
Posts: 5,702
Registered: ‎10-06-2007

Re: Credit Counseling / Debt Management Program

I finished my DMP in Dec 07.  I had about 70k of CC debt and my payments were around 1400 a month.  If you can afford the payments, DMP is a good option.  it forced me to live on a budget which I still do today.  In terms of affect on credit, since DMP I got a prime Visa card, auto loan at the best rates my CU offered and a mortgage refi at 4.0%.


I sent you a PM of the DMP compnay I used since we cant posts links to them here.


Do not use the services of a Debt Settlement company since that will ruin your credit and probably rip you off.  IMHO better to fill BK the go that route.

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