Nonprofit Debt Management Comparison Provides Clarity to Indebted Consumers

Investment Weekly News

By a News Reporter-Staff News Editor at Investment Weekly News -- A survey of debt management plans (DMP), conducted by the personal finance website NerdWallet, finds Money Management International (MMI) a highly-effective option for those seeking help with credit card debt. NerdWallet studied DMP data provided by some of the largest national nonprofit credit counselors, including fees, adjusted interest rates, and success rates.

For decades, MMI has provided millions of consumers with financial education and a path to fully repay their debt on modified terms arranged between the credit counselor and the creditors in a DMP. Averaged client data from 2016 shows MMI's plan reduces creditor interest rates by 12.1 percentage points and total monthly payments by about 30 percent. The program is especially helpful to consumers who have been denied approval for a debt consolidation loan, or find themselves unable to secure a prime rate due to credit blemishes.

NerdWallet noted MMI as "one of the most accessible" in the industry thanks to 24/7 online and telephone services and the largest branch network for in-person counseling: over 60 locations across 35 states. A 60-year legacy also makes MMI one of the most experienced in the sector. In addition to the positive results of the NerdWallet review, MMI maintains excellent scores from Trustpilot and the Better Business Bureau.

"We're proud of the outcome of the NerdWallet survey," said Jim Triggs, Senior Vice President of Counseling. "We have many resources to offer and solutions to provide. It should be no surprise that our exceptional staff, technology, and scale allow us to deliver outstanding value to the communities we serve."

To learn more about the survey and MMI's services, visit NerdWallet and MoneyManagement.org.