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

“Dear Steve,

I have one credit card card with 12,000 then another with 8,000 with 15% and a store card with 2,000 paying out about $550 a month was considering debt consolidation because the finance charge on the $8,000 is $108 a month. I have looked at so many companies and i can’t decide. One credit card company listed 3 companies to contact Novadebt, Moneymanagement and personalfinance.

My questions are how do i choose a settlement company? What should i be looking for?


Dear Rhonda,

I think we need to start with what is really the best tool to use based on your situation and goals. Just because your credit card company suggested you contact a credit counseling company, that’s doesn’t mean that’s the best approach for you. To me that means that’s the best approach for your credit card company since they suggested it.

I’m going to challenge you to do a bunch of homework and then come back and post your results in the comments below. This will help you to make the most informed decision possible.

Let’s start with the basics.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.


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.

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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.

1 Comment

  • can I trust the following, they were suggested by citimortgage, I cannot make my min payments with being late on there bills

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