Whether you’re starting to struggle making payments, or feeling the weight and frustration of your debt, MMI can help you find practical, nonprofit, debt management solutions. If you’re looking for a more manageable way to pay off your debt but don’t want to get locked into to a new loan, consolidating your debt with a debt management plan may be the right choice.
What is a debt management plan?
A debt management plan (DMP) is a structured debt repayment program that doesn't require a loan and is typically administered by a nonprofit credit counseling agency, such as MMI. When you start a debt management plan, MMI reviews your current debt and budget and then works closely with creditors to reduce your interest rates and find a single monthly payment that fits your budget. Learn more about what a debt management plan is and how it could benefit you.
How does a debt management plan work for you?
Living in debt can leave you feeling stuck, exhausted, and weighed down by your obligations. There are so many choices for debt management – sometimes it feels like one more decision is too hard. That’s why we're here to help. Whether you're overwhelmed with calls from debt collectors, or just unhappy with your debt situation, a debt management plan (DMP) from MMI can help you:
- Reduce your stress levels
- Consolidate your debt into one monthly payment - without a loan
- Save money on reduced interest rates
- Accelerate your debt payoff
- Create financial stability
- Stop the collection calls
MMI’s nonprofit debt management system allows you to pay off your debt more quickly, saves you money in the process, and typically results in a higher credit score once you complete the program. If your debts are taking up too much of your time, money, and mental wellbeing, we can help you get organized and start making real progress with debt management.
Creditors typically require that credit card(s) included in a DMP be closed to prevent additional charges. You may be allowed to keep one card open and off your plan for emergency purposes. 
At the beginning of your DMP, your credit score may dip as your credit accounts are closed. This impact is usually temporary and your score should improve as you make your required monthly payments.
Yes. Most DMPs include an initial set-up fee and an ongoing monthly fee. These fees will vary depending on where you live and how much debt you're repaying. On average, clients pay a $33 set-up fee ($75 max) and a $25 monthly fee ($59 max) for a nonprofit debt management plan with MMI. 
All of our services are completely confidential. We will only contact your creditors in order to set up your repayment plan if you decide to begin a DMP.
The first step is a review of your debts, expenses, and income in order to calculate your potential repayment plan. This process can take less than 15 minutes. If the proposed plan looks good, you can sign an agreement and make your first deposit almost immediately.
You can still benefit from a debt management plan even if you've become delinquent on your credit card accounts. Depending on the creditor and the severity of the delinquency, your accounts may even be considered current after a certain number of DMP payments.
