I Can’t Afford the Payment I Was Quoted by Money Management International. – Carrie

By on April 13, 2010
I Can’t Afford the Payment I Was Quoted by Money Management International. – Carrie

“Dear Steve,

We got into credit card debt because of a move and no job for one year. We now owe 22K in debt. I want to become debt free in 4-5 years not 30 years. I am able to afford the monthly payment I was quoted by Money Management just unsure if this is the right decision

I want to know if Money Management is a reliable company to use? Will my payment actually go to my credit card company?

Carrie”

Dear Carrie,

Money Management International (MMI) is not going to abscond with your monthly payment. They will charge you a service fee and the rest will be posted to your accounts with the creditors.

But being worried about MMI is the least of the issues here. If you know in advance that you can’t afford the payment MMI has given you then that’s just not a path you should travel down. Starting out unable to afford it is a surefire recipe for failure.

It actually sounds like a bankruptcy would be the best solution to look in to. Click here to find a local bankruptcy attorney and go talk to them. Once you meet with the bankruptcy attorney then you can decide which path is right for you.

But out of already unable to afford the payment of getting a fresh start with bankruptcy, bankruptcy wins.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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