Money Minute: Getting out of debt
5 EYEWITNESS NEWS recently highlighted a woman who’s getting herself out of debt and now we’re hearing from the company about how they’re helping her do it.
“They essentially manage those accounts going forward until everything is paid off,” said Jennifer Vall.
When Vall was faced with a financial crisis after she and her son were both diagnosed with cancer, she knew she needed help and turned to Money Management International.
“We worked with her creditors to reduce interest rates, usually around 7%, so that more of her principle is going toward the payment instead,” said Thomas Nitzsche with Money Management International.
The company takes your unsecured debts, usually credit cards, and helps get a reduction in big interest rates through an established relationship with the card companies.
“We are able to help people get out of debt within 4 years,” added Nitzsche.
The accounts are set up on automatic withdrawal, so clients like Vall have one payment monthly. She’s expected to be debt-free in four years.
“The intention is full repayment at a lower interest,” said Nitzsche.
He says there is a fee for this help, usually about $25 a month. The company is approved by the National Foundation for Credit Counseling, which is one of two companies approved by the attorney general’s office in Minnesota.