Money Minute: Debt management plan
In this week’s Money Minute, hear from a company that can help you get on a debt management plan.
“At the point that they come to us, they have an average shortfall of about $300 a month,” said Thomas Nitzsche with Money Management International.
Maybe you’re making monthly minimum payments but the balance doesn’t move.
“Our average client comes to us with around $30,000 in debt,” Nitzsche said.
Money Management International says they make you layout your finances.
“First thing is we are working with them on their budget,” added Nitzsche. “Are there any changes we can make… to make these payments affordable?”
Then, they work through their established relationships with credit card companies to cut your interest rates. You’ll pay back all your debt, but these types of approved programs can help; you just have to ask.
“Consumers feel overwhelmed there are programs there and they let the shame and stigma keep them from making solutions,” said Nitzsche.