“Dear Steve,
We are in debt for about $55,000. I am behind on 3 of the credit cards. I contacted MMI and they can do a payment plan that is about 1045.00 a month. They charge a 50.00 set up fee and 40.00 a month, are these reasonable fees? I am getting farther and farther behind on the debt. I am embarresed to say we did a bankruptcy 10 yrs ago.
Is MMI the best way to go for us? also are those fees reasonable? thanks for your help
Maria”
Dear Maria,
The fees sound fairly typical in the non-profit credit counseling world. What concerns me more is if $1045 is an affordable payment for you to make each month and you can sustain that for the next five years. Can you?
It doesn’t seem like it is much different than the minimum payment you were paying before and if you were struggling with that what leads you to believe you would not struggle with this?
Just asking.
Steve
