Frequently Asked Questions
Answers about Money Fit, nonprofit credit counseling, debt management plans, fees, credit, and getting help with debt.
About Money Fit
Start here for basic information about the organization and its credentials.
Who is Money Fit?
Money Fit provides nonprofit credit counseling, debt management plans, and financial education. Money Fit is operated by Debt Reduction Services, Inc., a 501(c)(3) nonprofit credit counseling organization.
How can I verify Money Fit's credentials?
You can review Money Fit's organizational background and state licenses and registrations. Money Fit's legal organization, Debt Reduction Services, Inc., is also listed as a member agency by the National Foundation for Credit Counseling and the Financial Counseling Association of America .
Credit counseling and debt management plans
Credit counseling begins with your budget and financial goals. A debt management plan is one possible outcome, not a requirement.
What happens during credit counseling?
A counselor reviews your income, living expenses, debts, and financial goals with you. You can ask questions, discuss possible repayment approaches, and receive an action plan based on your situation. Credit counseling does not require you to enroll in a debt management plan.
What is a debt management plan?
A debt management plan is a voluntary repayment arrangement for eligible unsecured debts. You make one scheduled monthly payment to Money Fit, and Money Fit sends the funds to participating creditors according to the plan. It is not a new loan and it is not debt settlement.
What types of debt can a debt management plan include?
Debt management plans generally focus on eligible unsecured debts, which may include credit cards, some personal loans, medical bills, collection accounts, and payday loans. Eligibility depends on the account, creditor participation, and your overall financial situation.
Will creditors lower interest rates or waive fees?
Some participating creditors may offer reduced interest rates or waive certain fees through a debt management plan. Available terms vary by creditor and account, so Money Fit cannot guarantee a particular concession.
How long does a debt management plan take?
Many debt management plans are designed to be completed within 60 months. The actual timeline depends on your balances, budget, creditor terms, and consistent monthly payments.
Who qualifies for a debt management plan?
Anyone can begin with credit counseling. Whether a debt management plan fits depends on factors such as your available income, household budget, debt types, account status, and creditor participation. A counselor will explain the available options before you decide what to do.
What if a debt management plan is not right for me?
You can still receive budgeting guidance, financial education, and an action plan for possible next steps. When appropriate, a counselor may also identify other resources or referrals that better match your situation.
Fees, credit, and service availability
Does Money Fit charge fees?
Credit counseling is available at no cost. If you choose to enroll in a debt management plan, enrollment and monthly fees may apply. Fees vary by state and individual circumstances and are disclosed before you enter an agreement.
Will credit counseling or a debt management plan affect my credit?
A debt management plan may affect your credit depending on factors such as creditor reporting, account closures, payment history, and changing balances. Money Fit does not promise a particular credit score outcome. A counselor can help you understand what to consider before enrolling.
Where does Money Fit provide services?
Money Fit provides counseling by phone and online across the United States. Specific services and debt management plan availability may depend on state requirements and your individual situation. See the Licenses and Registrations page for state information.
