Money Management International is a national nonprofit credit counseling agency that has been operating since 1958 with the goal of helping consumers set up a debt management plan and get out of debt. Money Management International provides a spread of services including bankruptcy counseling, credit counseling, and debt management assistance.
Consumers can receive the financial knowledge they need through in-person sessions, phone, and internet at their own convenience. As part of its credentials, the non-profit organization maintains an active membership in the National Foundation for Credit Counseling (NFCC).
Money Management International offers some of the lowest upfront fees in the industry. Most companies charge an upfront fee to set up the account and the consolidation program upwards of $49.
So, how much does Money Management International cost to use? Money Management International charges a one-time $50 setup fee and has an average monthly fee of $25. This is slightly lower than most companies in the industry. In addition, MMI offers a free debt counseling session.
Because MMI is not a debt settlement or debt consolidation company, its services do not negatively impact your credit score. Debt management plans are created based on the clients financial situation. A management plan or repayment plan helps clients find alternative ways to pay debt, without affecting your credit report or credit history.
Debt management assistance from MMI includes financial education services, the creation of a spending plan, bankruptcy counseling, and other vital services needed to establish healthy financial goals. Whether customers need help recovering from credit card debt or simply need financial guidance, the consumer credit counseling services at MMI cover all the bases.
The Money Management International website lists the specialized services that the company provides:
Using a certified credit counselor to make payments to creditors and reduce debt is often seen as a more responsible way to achieve financial freedom than debt settlement or debt consolidation. However, credit counseling is more suited to those that are not in extremely dire financial trouble.
The customer service at Money Management International is extensive. Customers have access to a credit counselor at any time during the day, 7 days per week.
MMI states that many of its financial counseling services are absolutely free. A few of its more in-depth services are low cost and customers will find that its debt management program is extremely affordable.
However, customers should question a debt counselor for the possibility of waived or reduced fees; the company has been known to be able to reduce fees for eligible customers.
Consumers can have increased confidence in Money Management International thanks to its memberships with the NFCC and the CC. These memberships with established organizations mean that Money Management International holds itself to industry-recognized standards focused on helping consumers improve their financial health.
Money Management International provides services for United States consumers. The services are designed to help consumers get out of debt and financially free.
Some of the services provided by Money Management International include setting up a debt management plan, education services, budgeting education, and housing counseling assistance. Money Management International also offers financial educational resources such as tools, ebooks, and articles. We appreciate when companies offer ways to help clients educate themselves to avoid future financial troubles after becoming debt free.
Some companies offer calculators, budget worksheets and webinars to help their clients become more financially literate.
Consumers can also receive a credit report review, student loan counseling and learn how to prevent foreclosure.
To get started, consumers can receive a free counseling session to learn what they need to do to start working towards financial freedom. Consumers can receive help over the phone, in-person or on the Internet.
Money Management International has been involved in a class action lawsuit. Some of the allegations leading to this lawsuit stated that the company was operating as a for-profit organization.
Money Management International failed to follow the requirements for certain accreditations and improperly collected debts. It's also noted that MMI also failed to be completely candid with their customers. While this lawsuit is a few years old, it does cause some reason to be concerned.
It would be helpful to consumers if Money Management International was more open about its pricing. Pricing information could be easily made available through infographics, videos and/or charts.
It would be beneficial to consumers who are trying to find the company that best helps customers pay off creditors and become debt free. Not having certain items available online makes companies seem less credible. It also makes it more difficult for consumers to shop around. Consumers who want to cancel their contract with Money Management International must pay $25 to end their agreement.
While Money Management International is accessible online or over the phone to all 50 states, in-person counseling is only available in 33 states. This can pose a problem for consumers who live in the 17 states not covered by the nonprofit but want to receive in-person counseling. For consumers who are less tech-savvy, Money Management International may not be a good fit as in-person counseling may be more effective.
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