Money Management International Reviews 2021| How Does It Work?

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Money Management International (MMI) has helped a lot of people understand better how to deal with their finances and credit or debt issues.

Have you thought to yourself how you’re going to settle your credit and debts? Have you wondered how you’re going to balance your income and your expenditure? We all live to spend and purchase the best everything money can buy. With credit or loaning companies, we can buy anything we want even without having the cash at hand.

In this article, we will discuss everything there is to know about Money Management International. Please read through this article carefully to the end as it promises to be insightful, informative, and enlightening.

What is Money Management International?

Money Management International (MMI) is a non-profit organization based in the United States that offers free credit counseling and education to individuals. It assists consumers in developing debt management or payback plan in around 25% of consultations. MMI is mostly supported by creditors. Money Management International was created in 1997 by six Consumer Credit Counseling Services (CCCS) network financial consulting businesses.

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A Brief History of Money Management International (MMI)

MMI has evolved and reformed throughout time to meet the evolving needs of both consumers and creditors. Money Management by Mail was founded in 1997 as a result of a merger of six consumer credit counseling businesses looking to better harness their decades of combined experience and expertise. It moved on to establish itself as a market leader in terms of consumer reach and technology capabilities. Money Management International was renamed in 2003 to better represent the scope of the organization’s operations.

MMI has grown over the years by collaborating with credit counseling organizations across the country. MMI is now the country’s largest full-service nonprofit consumer credit counseling organization, providing a wide range of financial counseling and educational services such as debt and budget counseling, student loan counseling, foreclosure counseling, bankruptcy education and certification programs, organizational financial wellness programs, and much more with a revenue of over $52.2 million and total assets worth more than $55.5 million.

Money Management International has amalgamated with over 20 credit counseling firms over the years. In 2005, the company acquired AmeriDebt’s accounts as part of AmeriDebt’s bankruptcy proceedings. It launched the regiftable.com website in 2006 to encourage regifting as a means to save money. MMI’s “Thirty Steps” instructional program on ethical money management was launched in 2008.

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How Money Management International Works

Money Management International is the most accessible non-profit credit counseling organization in the country. Consumers seeking budgeting assistance can begin the process by visiting the agency’s online portal, where they can speak with a counselor or phone for assistance at any point along the process.

Money Management International is available in all 50 states in the United States and maybe a good fit for you if you fall into any of the following:

  • Want debt and budget counseling on the phone 24 hours a day, 7 days a week?
  • Money Management International’s online resource hub offers free online lectures and webinars, as well as online and chat alternatives.
  • If you prefer face-to-face counseling, Money Management International has sites in 25 states.
  • After a natural disaster, you may require free assistance. The agency’s post-disaster counseling can assist you in navigating FEMA, insurance, and the financial difficulties that a disaster can entail.

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MMI’s costs and services

MMI, like most nonprofit credit counseling organizations, offers a variety of services with varying rates and availability. Among the services offered are:

1. General Budgeting and advising 

A free service in which you and a counselor go over your budget and financial situation. No form of charges are collected for this service. 

2. Debt management plan

A counselor designs a plan to combine your consumer debts and lower your interest rate, allowing you to pay off the debt in three to five years with only one monthly payment.

A Startup fee of up to $75 is paid. The average fee here is $35. After the startup fee, a Monthly fee of $50 is paid. The average fee is $24.

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3. Bankruptcy counseling

You must attend two sessions, one before filing and one after your debts have been discharged, as ordered by the court.

You are supposed to pay a Pre-filing fee of $50. This will vary depending on your state of residence. You are also expected to pay a Pre-discharge fee $50.

4. Student loans

A counselor explains your repayment alternatives and, for an extra cost, may contact your provider on your behalf. The service fee for student loan is $199.

5. Housing counseling

For first-time home purchasers, homeowners considering a reverse mortgage, and those having trouble making their mortgage or rent payments, this service is available. The cost of counseling for housing ranges from Free to $199, depending on the service you want rendered.

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What makes Money Management International Different?

The same services are provided by Money Management International are provided by a number of nonprofit credit counseling organizations. Where one differs from the next is in terms of accreditation, accessibility, and the manner in which its services are delivered. Here’s a quick rundown of MMI:

1. Accreditation

The National Foundation for Credit Counseling is an independent organization that ensures high standards of practice among counselors and oversees the agency. This organization accredits MMI.

2. Online support

MMI’s website offers counseling services as well as educational resources. Not a lot of organizations can execute this effectively and efficiently. 

3. Debt management plan completion rate

According to Money Management International, 67 percent of clients who enroll in a Debt Management Plan complete it.

4. Availability

The company operates in 50 states and has offices in 25 of them.

5. The debt management strategy of MMI

Debt management plans are a cost-effective and time-efficient approach to pay off credit card obligations.

Your debts are consolidated into one monthly payment with a lower interest rate while you are enrolled in a Debt Management Plan. It’s worth noting that interest rate reductions are uniform throughout credit counseling companies and are based on your creditors’ requirements as well as your financial situation. A monthly payment plan will help you pay off your debt over three to five years.

You won’t be able to utilize credit cards or create new lines of credit during this time. Even missing one payment can cause the Debt Management Plan to fall apart, leaving you to deal with the balance of your debt on your own, at the original interest rates. Debt Managemnt Plans are used by about 25% of Money Management International consumers who undergo debt and budgeting counseling.

When Should I Consider A Debt Management Plan?

You should consider a debt management plan hen you start experiencing any of the following:

  • If you’re having trouble making your monthly debt payments.
  • If your consumer debt is between 15% and 50% of your annual income, you’re in trouble.
  • If you believe you will be able to pay it off in five years.
  • If you are unable to obtain a debt consolidation loan.

It is very important to note that This debt relief solution, however, will not cover all of your debt problems. Debt Management Plans do not typically cover medical expenditures, student loans, car loans, or mortgages. Investigate other debt relief options before committing to a Debt Management Plan.

Financial Service Offered By Money Management International

The following are some of the specialist services offered by Money Management International, according to its website:

  • Keeping Your House From Going Into Foreclosure (Housing Counseling)
  • Credit Card Debt Repayment
  • Keeping Income and Expenses in Check
  • Purchasing a House
  • Bankruptcy is a legal process that involves the filing of a bankruptcy petition (Bankruptcy Counseling)
  • Getting to Know Your Credit Report
  • Reverse Mortgages: An Overview
  • Taking Care of Student Loans Debt
  • SSI and Disability Benefits Management

Money Management International Reviews

Many of the reviews come directly from verified customers, but others come from third-party sites such as Facebook, Google, Trustpilot, and the Better Business Bureau. In a 5 Star rating system, Money Management International bags a 4.9. with an Overall rating of 1,940 from 1st-party reviews, 1822 people gave Money Management International a 5 star. 74 persons gave them a 4 star. 19 people gave them a 3 star. 4 persons gave them a 2 star while only 21 gave them a 1 star.

Trustpilot have their own reviews in percentage. 89% of all the reviews gathered gave an excellent report. 6% of the people thought the scheme was great. only 2% thought it was average, less than 1% thought it was poor while 2% thought it was really bad

FAQs On Money Management International

What happens if I don’t have enough money to pay my credit card bills?

Your account will go into arrears if you do not pay the minimum amount. If this occurs, take the following steps: Your lender will contact you to demand that you make the missed payments. If you do not make the payments, the account will default. If you still don’t pay, they may take more drastic measures, such as hiring debt collectors to retrieve the money you owe them.

What is the best way for me to pay off my credit card debt?

Begin by gaining a better understanding of your finances so you can determine how much you can afford to pay each month. Make a budget by making a list of your income and expenses.

Are there Credit card limits?

Some cards are accessible to those with weak credit and have a modest credit limit of around $274. These cards usually have a high interest rate, but if you pay them off on time, they can help you improve your credit score by demonstrating to other creditors that you are trustworthy.

Is it possible for me to have a joint credit card debt?

A credit card account can only be in one person’s name, hence there is no such thing as a joint credit card. However, your credit card company may allow you to get a second card for your partner or someone else.

Is it possible to go to jail for a credit card debt?

While many people are concerned about this, the possibility of a prison sentence for unpaid debts is extremely unlikely. It’s only an option for specific sorts of debt, such as criminal fines and government obligations, and it’s only used as a last resort when all options have been exhausted.

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