Money Management International Review – Forbes Advisor

Debt can prevent you from reaching your financial goals. It’s hard to save for a down payment on a home or other financial goal while juggling credit cards, student loan payments and bills from an unexpected event, such as a medical emergency. If you’re trying to tame the amount of money you owe, you may explore debt relief options to find the best fit for you.

Money Management International, or MMI, is an organization that provides debt management education and solutions. It specializes in debt management plans that help clients pay off debts without taking out a new loan.

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What Does Money Management International Offer?

Money Management International is a 501(c)(3) nonprofit organization focused on debt relief. Its primary offering is a debt management plan that can simplify the repayment process for consumers and help them pay off their debts sooner. It’s among the best debt relief companies we rank.

The organization, founded in 1997 and originally named Money Management by Mail, is open to consumers nationwide. It offers help for various financial situations, including disaster recovery, bankruptcy and student loan counseling, and it provides financial education through webinars, workshops and a podcast.

How MMI Works

Through its debt management plans, Money Management International works with creditors to reduce a consumer’s interest rates, then it combines that consumer’s debts into one monthly payment that fits their budget.

Debt management plans focus on unsecured debt, which isn’t tied to property. Your monthly car payment wouldn’t be included in a debt management plan, for example, because your auto loan is associated with your vehicle. Debt management plans can be beneficial for someone with credit card debt.

Rather than making multiple payments to individual creditors each month, someone on a debt management plan makes one monthly payment to Money Management International, which then pays each creditor. In addition, MMI helps negotiate lower interest rates, which means consumers can expect to save money as they pay off their debt—often in less time than if they paid each creditor separately. According to Money Management International, most debt management plans are designed to be completed within five years.

Debt management plans aren’t free. You’ll pay some fees, which vary depending on where you live and how much debt you’re paying back. Money Management International says its clients pay an average of $33 for an initial setup fee ($75 maximum) and a $25 monthly fee ($59 maximum).

Money Management International also provides services other than debt management plans, including:

• Credit report reviews. Clients can meet confidentially with a credit counselor who can help them understand their credit reports and provide them with recommendations for improving their credit scores and reaching their goals. The standard fee for a credit review session is $59, though it is $49.99 for Oregon and Kansas residents. Income-based fee reductions are available.
• Credit counseling. Money Management International credit counselors are available 24/7 to speak with consumers about setting goals, managing debts and creating budgets. While MMI may offer clients optional fee-based services after meeting with a counselor, there is no charge for the initial session.

Getting Started With Your Debt Relief Plan

You can sign up for a Money Management International debt management plan online. Here’s how to get started:

1. Gather your paperwork. Before you begin, be sure you have information about your debts and income—you and your counselor can’t make a financial plan without numbers. This might include recent credit card statements, pay stubs or any other documents applicable to your financial situation. You should also have numbers related to your budget and regular expenses, such as how much you spend on housing and groceries each month.
2. Fill out an online form. Complete a form on Money Management International’s website with basic information such as your name, email address and ZIP code, plus your biggest financial goal and biggest financial challenge.
3. Connect with a credit counselor (for free). Review your financial situation with one of MMI’s certified credit counselors, who can help you determine whether a debt management plan or a different solution is right for you.
4. Make a debt management plan. If you and your counselor decide a debt management plan best fits your situation, your counselor will create a plan that works with your budget. Be honest and upfront about what you want to include in this plan—for example, you may decide to keep one credit card open in case of emergencies (but not put any more money on it otherwise), so this card would not be part of the plan.
5. Enroll in a debt management plan. Money Management International works with creditors to try to reduce interest rates for clients enrolled in a debt management plan. Once your creditors have agreed to this or any other concessions, such as lower interest rates or waiving late or overlimit fees, and you’re satisfied with the terms of the plan, you’ll sign an agreement with MMI and can make your first payment.

After enrolling in a debt management plan, contact your creditors to ensure your payment due dates are adjusted to work with your Money Management International due date. You’ll make one monthly payment to MMI, which then must process your payment and pay your creditors. These due dates would ideally be a week to 10 days after you make your monthly payment to MMI. And remember that the plan only works if you make monthly on-time payments.

Pros and Cons

Pros

• The initial session with a credit counselor is free
• Money Management International is a reputable, accredited organization
• A debt management plan can help you pay off unsecured debts faster and with a lower interest rate, saving you money
• MMI has free financial education resources

Cons

• MMI charges a setup fee and a monthly fee for debt management plans
• Clients may see their credit scores drop temporarily as accounts are closed
• Clients should close their credit card accounts as part of a debt management plan, which means they can’t earn rewards from these cards

How A Debt Management Plan Affects Your Credit

Because a debt management plan is not a loan, Money Management International is not a lender, so the organization won’t be included as a creditor on your credit report.

But you may notice a drop in your credit score as your accounts are closed based on these credit score factors:

• Your credit utilization ratio. This is the amount of revolving credit you use versus the amount available to you, and it makes up almost a third of your FICO Score. Credit cards are a popular form of revolving credit, and as you close cards as part of your debt management plan, your available credit changes.
• The age of your accounts. Having a longer credit history is good for your credit score, so closing older accounts can negatively impact you.
• The diversity of your debt types. Lenders like seeing that you can manage a variety of credit accounts, such as credit cards and installment loans. Closing a credit card can affect your credit mix.

However, your score should improve as you make your monthly payments. And while it doesn’t make any guarantees, Money Management International says its clients’ credit scores increase by an average of 84 points after completing their debt management plans.

Money Management International Accreditation and Reviews

Money Management International is a member of the National Foundation for Credit Counseling and is accredited by the Council on Accreditation, ensuring its services meet quality standards.

Money Management International is certified by the U.S. Department of Housing and Urban Development (HUD) to provide housing counseling and is a member of the Financial Counseling Association of America.

It’s also accredited by the Better Business Bureau, with whom it has an A+ rating.

In addition, MMI is a verified company with Trustpilot, with an average rating of 4.6 stars. Of the more than 1,800 Trustpilot reviews Money Management International received as of January 2025, 89% were five-star ratings. Reading consumer reviews on Trustpilot can be a helpful way to learn firsthand what dealing with the company is like.