Thank you for your site. I’m at a precipice and need your help.
I am employed making $130,000 a year with $76,000 in debt, with mortgage and school tuition monthly payments of $3200 a month not including utilities, car/home maintenance etc. My husband has been laid off since May and with the credit card rate increases it is harder and harder to make my payments. I’m barely making them and I’m a month or two away from really not being able to pay someone what I owe — with the rate increases I fear I may drown altogether.
In an effort to reduce my rates with Chase I was referred to MMI. I see on your site a lot of discussion regarding bankruptcy vs. a Debt Management Plan and I’m really not sure what would be best for my situation. I spoke with MMI and they can get my monthly debt payments down to $1,200 with interest rates drastically reduced (from 29.9% to the max of 7% one is even 0%) which seems so much more reasonable that I actually could take responsibility for my actions. What are your thoughts?
Also, if going with a DMP, do you recommend trying to double the first month of payments to avoid possible cross over issues and credit dings? Or are dings inevitable when going this route? My credit rating was around 700 last I checked. I’m not sure how much I should be worrying about my rating given I’m on the verge of not being able to many of the cards.
I value your opinion.
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If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I Have Questions About Entering a Debt Management Plan With MMI. - Jennicka by Steve Rhode