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Can Money Management International Cut My Credit Card payments By 40%? – Richie

“Dear Steve,

My bills are about $800 to $1000.00 short per month. I’ve stopped using my credit cards to pay bills. I’ve cut spending drastically. I’ve spoken to some of my credit cards and they have done some rate reduction and structured payments but it is still not enough. I still come up short. Between my wife and I the credit card debt is about $80,000. My home is upside-down in a 30 year refinance. I’m considering calling Money Management International. I was given the number by a Chase Bank payment assistance rep.

I have about $80,000.00 in Credit card debt. Can Money Management International help to reduce my credit card payments by 30% to 40% or more?


Dear Richie,

A credit counseling program can’t cut your monthly minimum payment much below what it is normally. However if you are behind on your bills and being charged for two payments then they can get you current and back to one payment. That’s how some credit counseling groups say they can cut your payment.

While a credit counseling program can’t give you much relief on the payment amount, the benefit is the interest reduction you would get.

If you are that far upside down on your monthly income and expenses then bankruptcy is worth a good close look. If you want to you can click here to find a local bankruptcy attorney.

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.


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.

READ  Should I Go With Money Management or Novadebt Like My Credit Card Company Suggested? - Rhonda

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.


  • Dear Steve,
    My husband and i are in a 30,000 thousand credit card debt. Our salaries combine together are 78,000 a year. I do not own a house and would love to purchase one in the next year or two. my credit score is 707 my husband is less than 6. I always made my payment on time plus i made more than minimum payment. my question is how would using DMP affect my getting a house in next year or 2 and is that the right program for me?

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