Should I Go With Money Money Management International or Bankruptcy? – Nathalie

“Dear Damon,

I have a car payment, a high car insurance rate due to a recent accident and am paying the bare minimum on the $33000 that I have in credit card debt. After taxes, I take home $32000 a year.

I called Citibank to ask if they would lower my interest rate and they suggested I contact Money Management International. I am not sure if I should go with a debt management program or file for bankruptcy. What would be better for my situation?

I want to still have a nestegg for emergencies and may not be able to do so. Could I keep out one of the lower balance credit cards ($2000) for emergencies if I go with a debt management program? I have heard many mixed reviews regarding entering a debt management program yet am not sure what would help me the best since I can’t do debt settlement since I do not have the 60% up front.


Dear Nathalie,

Without looking at your cash flow and overall financial circumstances, there is no way to tell you for sure which option will make the most sense.

It certainly would be a good idea to meet with a BK attorney to at least get an accurate picture of how a BK would effect you financially. Armed with that information you can look into a credit counseling program like MMI and have something to compare it against. Further a settlement option may make sense as well, again depending on your circumstances. You shouldn’t rely on a credit card as your emergency money because the credit can be taken away at any given time. The better idea would be to work a 2,000 cash savings into the overall financial plan.

If you would like me to provide an in depth review and consultation, you can contact me through my website. We can run your numbers, go over the pros and cons of all options available and then determine your best course of action based on your financial circumstances and specific goals moving forward.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at

If you have a debt related question you’d like to ask, just use the online form.

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