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About Money Management International
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Money Management International (MMI) is a nonprofit debt relief and credit counseling organization that specializes in debt management plans (DMPs). It is also an Department of Housing and Urban Development-approved counseling service for foreclosure prevention and homebuyer education. There are over 35 locations across a number of states for face-to-face meetings, and telephone counseling is available 24/7 for all.
Pros & Cons
- 24/7 telephone counseling
- Many languages supported
- Exact DMP fee not listed
- No guarantees
What is Money Management International?
Money Management International offers debt management plans and credit counseling. Along with its paid services, it has several free financial education resources, including live webinars on how to avoid identity theft and manage your income. There are also free educational resources for military families.
You can find budget templates and podcasts and private workshops in select cities in both English and Spanish. Other languages might be available upon request through the help of an interpreter.
MMI meets industry standards regarding protecting and handling your personal data. Additionally, information is never shared with any third party and only collected with your express permission.
How does Money Management International work?
To get started with MMI, you will need to create a secure online account and share your income and expenses. The company can also pull some data from your credit report to save you time.
When that is complete, a counselor will analyze your information and provide money saving recommendations, a personal budget plan and a DMP. Counselors are available by chat, email and phone and can further customize your plan if you need it.
If it is determined that a debt management plan is right for you, MMI will negotiate with your creditors to reduce your interest rates and minimum monthly payments.
Money Management International products and services
Money Management International offers debt relief programs, counseling services and financial education. Many of these programs are offered for free, but there are some that have a flat-fee charge or ongoing monthly fee.
Here are just a few choices available with MMI:
- Credit card debt repayment
- Debt management plans
- Free online debt counseling
- Credit counseling
- Foreclosure counseling
- Homebuyer counseling
- Reverse mortgage counseling
- Student loan counseling
- Bankruptcy counseling
How much does Money Management International cost?
The debt management plan fee varies based on where you live and is set and regulated by your state. On average, customers pay a $33 initial setup fee and a $25 monthly fee for services.
The following services have a flat-rate fee:
- Online homebuyer education courses: $35 to $99, depending on the course
- Bankruptcy counseling: $50 (individuals or couples) (fees may be waived)
- Reverse mortgage counseling: $199
Money Management International FAQ
How quickly can I start a debt management plan?
After you create an account and input all your financial information, MMI can give you a potential repayment plan in less than 15 minutes. If this proposed plan looks good, you can sign the agreement and make your first deposit immediately. However, this process can take longer if you need additional help.
Will a debt management plan hurt my credit score?
Your credit score may dip at the beginning as your credit accounts are closed, but this should be temporary. The goal of a debt management plan is to help you make consistent payments and reduce your overall debt. Both of these factors will have a positive impact on your credit score. MMI says that its average client sees a 90-point improvement after successfully completing the program.
Can I use a credit card while on a debt management plan?
Typically, creditors will require you to close credit cards that are being enrolled in a debt management plan. You might be able to keep one card open and off your DMP for emergency purposes.
How long do debt management plans last?
This varies by how much debt you have to repay, but most debt management plans are designed to be completed in five years or less.
Is Money Management International legit?
Money Management International is a legitimate company with history going back to 1958. MMI is a member of the National Foundation for Credit Counseling (NFCC) and says it has provided education, counseling and financial assistance to over 1 million consumers. It says that, on average, DMP clients reduce their interest rate to 7%, down from 24%, and pay off their debt in four years or less.
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Money Management International Company Information
- Company Name:
- Money Management International
- Year Founded:
- 1958
- Address:
- 14141 Southwest Freeway, Suite 1000
- City:
- Sugar Land
- State/Province:
- TX
- Postal Code:
- 77478-3494
- Country:
- United States
- Website:
- www.moneymanagement.org
