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Doing the Debt Managment Plan

July 4th, 2007 at 11:08 am

I did it. I closed all my credit card accounts but one and am entering a DMP. I've completed all the paperwork and am sending it in tomorrow. My payments are going down by $200 and my interest rates are being drastically reduced. I feel so good about this. Plus, the program is through my credit union, so it's free. It says it will take me a little over 4 years to get rid of my debt. I can however make it go away faster by making larger payments. So I am excited that I am making some progress. I left off one card (as allowed) and chose my American Express because supposedly if you put them in a DMP they show it as a charge off and it messes up your credit rating. The only big concern I have is if this plan will hurt my chances of renting an apartment if I move since it will show up on my credit report. I figure I will just go for it and hope for the best.

4 Responses to “Doing the Debt Managment Plan”

  1. Ima saver Says:

    Good for you!

  2. tiki Says:

    This is a great thing to do. My husband was in debt before we were married. He was about to go bankrupt, but I persuaded him to go with the kind of plan you're talking about, and it changed everything for him. He had been depressed and overwhelmed, and when he saw how much progress he made after a few months, he started to feel really good about himself.

    We're married now and out of debt. It did take a few years, and I'm also not sure what the effect on our credit it's had. We're looking for a house this month, so we'll find out. But I would tell anyone to do this, and we would do it again (but won't have to, of course!). Whatever the effects on one's credit rating, it couldn't possibly be worse than just stopping paying your bills or going through bankruptcy.

    You made the right choice. Good on you, and good luck!

    Tiki (don't have a blog, but I read ya'll regularly)

  3. Carolina Bound Says:

    I don't think my credit union had a debt management plan. I sure would have used it.

    I know it must feel good!

  4. Amber Says:

    I am happy for you. I never knew credit unions had dmp, that's nice

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