Debt Management Program (DMP)- Do they work?

[Anonymous]

You've got this! Definitely keep us posted!

[FireMedic1]

List out what you owe this way. Creditor/Credit Line/Balance /APR

We're free and can guide you on which way to tackle the debt.

[Nikki66972]

@Brickbybrick "Hindsight is always 20/20"

While you're in the midst of the storm you can get into trouble. If you went with this program, MMI, and still haven't bought your house in 7 years then it's all clear. Your situation is not the worst.

My suggestion is the same as the others, work out a plan with each creditor to lower interest. In three months of payments you can take that $200 and pay off the lowest card and start payments on the next lowest card and so on. You can do this today.

The second thing I see I getting control of your spending. It's a good rule of thumb to not spend more than you can pay off.

I've been through a lot of credit problems, so I know. 

Dave Ramsey's Baby Steps are good to follow as well. I've said a lot and I hope you take some to heart. I'm here if you need encouragement.

[Anonymous]

Brickbybrick, I agree with everyone here. Stay away from DMP and credit repair companies.

Look, I get it. I do. Prior to first deciding to start working on my credit in February, I gave serious consideration to hiring a company called "Credit repair USA", and this was BEFORE I read these forums. I had a hunch that they were shady and would very likely result in the following:

1. Damage my credit long term

2. Wasting my $$$$ that could be going toward my debt

When I finally made the decision to face the music and actually take the time to read and thoroughly understand my credit report, I came to these forums to learn what the best plan of action was. Not only did I obtain the information I needed from people on this forums, but my understanding of credit has grown expontentially.

Now, I see credit as a tool and not as a way to overextend myself. I now understand that it is a good idea to have 3 months worth of salary squared away. I now understand how to do AZEO. I now understand how people get themselves in trouble by maxing out their cards and going out and getting more CC's. I've not only learned how to fix my credit myself but I have also learned how to avoid the mistakes that others have made.

So, do yourself a favor and educate yourself on debt management, credit, FICO scores, etc from the people here and the threads on here as well. Seriously, take the time to read, read, read, and ask questions on these forums. In my estimation, I've spent probably over 75 hours reading these forums. I would not be surprised if it was more than that.

I went from FICO 8's in the low 500's to FICO 8's in the high 600's in the span of 2 1/2 months. I'm close to the 700 club now. I've spent a total of around $6500 towards my debt.

So, do yourself a favor and invest the time here and the time towards rebuilding your credit yourself.