Money Minute: Debt management
Did you miss your 2025 goal to control your debt? You’re not alone says Thomas Nietzsche with Money Management International.
“Every year like clockwork, we see folks reaching out in January and February,” Nietzsche said. “Americans have black and white thinking when it comes to repaying debt: ‘I can do this on my own, or I need to declare bankruptcy.’”
But you can ask about a debt management plan.
“In a debt management plan, you get the interest rates down to 6 or 7 percent so that most of the payment is going towards principal rather than interest,” said Nietzsche.
They have a relationship with credit card companies; you pay them, and they pay off your credit cards, helping you manage your money.
“In a debt management plan, it’s a full repayment of the debt just at a better interest rate,” Nietzsche said.
