I am going to trade school in a different city, my wife is on maternity leave for the next 11 months. I have accumulated $14500 (1 loan, 1 visa, 1 LOC) I got information from a online company about debt management program which will effect my credit for 2 years after.

A Debt Management Program (DMP), requires that the creditors get paid 100% of the debt.  This is a voluntary program between you and the creditor.  1/ We will help you work out a new budget.  2/ We will contact your creditors and inform them that you have signed up with Credit Counselling Service of Toronto. 3/ We will ask that the creditors stop or reduce interest. 4/ We will ask your creditors to reduce your monthly payments to match the budget. The payment plan is set for a period of 48months or less. However should your financial situation require more time we may be able to request that the creditors accept a longer repayment schedule.

Credit Rating- your creditor may report your account as an R7 or R9 for the duration of the program, two years after you complete the program your credit rating will be purged from your credit report. If you would like more information on how the credit rating system works please visit Equifax or Trans Union.

Right now I am paying $560 towards debt repayment a month.

We are planning on buying a house within the next 3 years as our family grows. Would it be wise to go with the Debt management program? Or should I keep pluggin away at the debt? Or is there something else I could look into?

Jason