What is Debt Counseling?

Debt counseling, also known as credit counseling, involves working with a trained counselor who offers debt relief options based on your personal financial situation. It can help you pay off your debts 7x faster than trying to do it alone.

There is a lot of shame and stigma attached to debt. While no one wants to be in debt, it doesn’t make you a bad or irresponsible person. Many times, college costs, medical bills, or reduced income can put you in a difficult situation. If you’re struggling with debt, the good news is you’re not alone. At MMI, we have many resources and debt relief programs to help you start making progress on your payments.

If you’re ready to find a personalized solution to your debt, debt relief counseling might be the choice for you.

How does debt counseling work?

Typically offered through credit counseling agencies, the process of debt counseling is simple. You connect with a trained debt counselor, who thoroughly reviews your finances and makes recommendations that are tailored to your budget. When you contact a debt counselor, there are no fees or obligations to work with the company. By providing recommendations for debt repayment options, including debt relief programs, this counseling can help you to start moving towards financial freedom.

Contact a debt counselor

To begin the debt counseling process, you can contact a debt counselor at a reputable credit counseling agency. At MMI, you can reach a debt counselor for free at whatever time is best for you. Counseling is available 24/7, online and over the phone.

Read more: What Does a Credit Counselor Do?

Review your finances

Once you connect with a debt counselor, they will begin each session with a thorough review of your finances – debt, income, savings, assets and more. The goal for debt counseling is twofold: to give you a better understanding of your financial health and a plan of action to get out of debt.

Receive recommendations

At MMI, we understand that everyone’s financial situation is different. Because of that, your debt counselor will give you personalized recommendations based on your financial review. No matter your financial situation, debt counseling can help you make progress on your debt repayment through a plan that works for you.

Begin your journey

After you receive your recommendations, you'll decide which debt relief option is right for you. This might be starting a debt management plan (DMP), applying for a debt consolidation loan, continuing to make payments on your own, or filing for bankruptcy, among other options.

Once you decide which plan you want to use, your counselor can help direct you toward other resources to help you reach your goals and get out of debt.

If you’re struggling with debt management, counseling is a great first step. Money Management International has trained debt counselors who are ready to help and provide recommendations based upon your budget. Get started today to see how we can provide debt relief.

At MMI, we strive to change how America overcomes financial challenges. No matter what's holding you back, we have the education, debt management services, and expert support to help you reduce financial stress while improving your credit score 80 points or more.

Learn more about MMI's credit counseling services.

Learn more about credit counseling

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Learn about a Debt Management Plan from MMI.

Learn about debt management plans

See how much you can save with a DMP.

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MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
Financial Counseling Association of America

MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
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Department of Housing and Urban Development

MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
Council On Accreditation

MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
National Foundation for Credit Counseling

MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.