Do You Think I Should Enroll in the MMI DMP Program? – Cindy

“Dear Steve,

I have been contemplating enrolling in MMI’s DMP. We have have a pretty good credit rating of 736 and are able to make ends meet. We make around 130k and own our home. Our credit card debt is about 50k. The problem we are having is that all of our credit cards have jacked up their interest rates to around 25%. This has taken a toll on the amount of debt that is paid down. I feel like all we pay is interest which is like throwing money away. We have adjusted our spending so we no longer use the credit cards. However, I’m afraid if I start throwing more money at the cards to make some headway that we will find ourselfs struggling for the day to day needs such as groceries.

I guess my question is do you think that a DMP is a good resource for someone like us and is it worth sacrificing our credit score to be debt free?


Dear Cindy,

While your credit is still good I think a better option may be to look into a $25,000 unsecured fixed rate debt consolidation loan from Using this loan you could pay off your highest interest rate debt and preserve your credit rating. This way those cards would not be closed by the credit card company as they would when enrolling them in a debt management program.

If you do decide to go the route then let me know and I’d be happy to be an investor in your loan.

Make sure that whatever you do that you are saving money in an emergency fund at the same time you are digging yourself out of debt. Without that emergency fund to protect you unexpected expenses could wind up back on credit and that would just set you back.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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