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I am Considering Money Management International. Does This Make Sense for Me? – Bob

“Dear Steve,

Hi Steve,

I have $43,000 in credit card debt across 7 credit cards. I have been making all my monthly payments and can continue to do so, but paying off this debt will take too long to imagine. I am considering Money Management International. Does this make sense for me?

If I do this, or any similar program, how will this impact my credit?

The debt is all in my name. How will any of this impact my wife’s credit?

If I did go with Money Management International, I understand that the accounts I give them will be closed. Do I have to give them all the open accounts? Is it good for me to keep open at least one or two of my accounts (the oldest ones), and pay them off myself quickly, so that I can maintain some decent credit history?

Thanks for the advice!


Dear Bob,

There is no magic pill to eliminate interest without some impact. It’s not the enrolling in a credit counseling or debt management program that hurts you, it’s the hit your credit score takes when all your accounts are closed. You might want to read Why Enrolling in a Credit Counseling Program Can Hurt Your Credit Score.

The Money Management International debt management program is the same as that offered by most credit counseling agencies. So the choice of the company isn’t the issue here.

If these debts are all in your name it will not include your wife at all.

If you wanted to try to get a lower interest rate and you have good credit now then you can look into a fixed rate unsecured debt consolidation loan from

Outside of that your choices are more drastic, like bankruptcy.

Generally a credit counseling program will require you to include all accounts but talk that over with them.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  • Thanks for the reply Steve. The goal here is to get out of the debt within 4-5 years rather than the 25+ it would take if I continue to make my monthly payments as the stand today. This would also lower my monthly payments and free up some extra money that can certainly be out to good use.

    That being the case, is MMI (or another debt management program) the appropriate way to go? And would you recommend MMI over other such agencies?

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