Hi, I'm new here. I am looking to get started on a debt management program, but am still apprehensive about it. I bought a house almost 2 years ago, that required me to make a lot of repairs and renovations etc. I incurred a lot of debt in the process over $60k. Around the same time alot of my CCs started cutting my CL's to the point where they were all instantly nearly maxed out and others with no balances closed my account. Despite scores between 660 and 685, never any late payments, I couldn't get a home equity loan or refi, even a personal loan to stay afloat to help pay off the debts. I've read some of these forums and have seen people with worse credit say they have qualified for such things even with semi-decent interest rates which I don't understand. I also don't intend to sell anytime soon, but need to get this debt load off my shoulders. I have been able to hang in there, but this past week my US Bank Visa card decided to raise my interest rates to near the ceiling because their finance charge caused it to go over the limit by $24 and jumping my minimum payment by $200 a month. This completely will kill my budget as I'm currently pretty much pay check to paycheck. I will not have any money left for anything else and I will run out of money some months down the road. I called them and explained things and they could care less. I did everything I could to plead my case and arrange a payment plan, but all they could do was refer me to credit counseling. They set me up with Money Management International who is also recommended by my HR department at work. They would be able to actually get that payment back down to the normal minimum payment and I wouldn't have to put all my cards into the program like the local CCCS I also called. I looked at their proposal and it would make sense putting about $50k of this debt into the program. My concern is, what will it do to my credit scores? Will I be able to get a home equity or refi still if I enter it, and what about a new vehicle somewhere down the road.? Will the cards I keep jack up my rates if they find out or cancel me? Also their fee is about $40 a month and about $125 initially. I'm getting married later this summer and may need to get a small personal loan to pay for some things beyond what my parents are helping us with, will this kill that? Her credit is worse than mine, so she isn't an option. I want to know if there is some better DMP's out there with a better program fee wise that is legit, and not a debt settlement program. I am ready to enter this. I can't due this on my own anymore thanks to US bank, so I am prepared to end my dependency on credit. If anyone can offer some advice I'd really appreciate it. Thank you, I look forward to your response.
