Debt Help Without a New Loan
Nonprofit Debt Management Plan
If credit card payments or other unsecured debts are taking over your budget, a debt management plan can give you one organized repayment path. Money Fit helps you see whether eligible accounts can be placed into a nonprofit plan without taking out a new loan or using debt settlement.
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Lower Interest Rates & Waived Fees
When creditors participate, eligible accounts can receive reduced interest rates and certain fee concessions so more of your payment can reduce balances.
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One Simple Monthly Payment
Eligible unsecured debts can be organized into one monthly payment that Money Fit disburses to participating creditors.
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Structured Payoff Path
Many plans are designed to be completed within 60 months, depending on your budget, balances, fees, and creditor participation.
Not a new loan
Credit counseling does not add a new consolidation loan. If a debt management plan fits, it is a structured repayment plan for eligible unsecured debts.
Not debt settlement
Money Fit does not ask consumers to stop paying creditors as a negotiation tactic and does not promise reduced principal balances.
Major Creditors Money Fit Works With
Money Fit works with many major credit card issuers and unsecured creditors through nonprofit debt management plans. When a plan fits, Money Fit helps organize eligible unsecured debts into one monthly payment and disburses payments to participating creditors.
Creditor participation, account eligibility, terms, concessions, and account treatment can vary by creditor and account. The logos shown are examples, not a complete list, and do not imply endorsement or guarantee participation for a specific account.
How a debt management plan works
A debt management plan is a nonprofit repayment plan for eligible unsecured debts. You make one monthly payment to Money Fit, and Money Fit disburses payments to participating creditors according to the plan.
When creditors participate, the plan may include reduced interest rates, certain fee concessions, and a structured repayment schedule designed to help you pay down balances more steadily. It is not a new loan, not debt settlement, and not a promise that every creditor or account will qualify.
What a debt management plan may help you do
A good debt management plan is built around a payment you can understand, a repayment path you can follow, and creditor terms that may reduce the cost of carrying eligible unsecured debt.
Bring payments into one place
Eligible unsecured debts can be organized into one monthly payment through Money Fit. Money Fit then sends payments to participating creditors according to the plan.
Reduce interest and certain fees
Participating creditors may reduce interest rates or provide certain fee concessions. These concessions can help more of the payment go toward reducing balances.
Follow a structured payoff path
Many debt management plans are designed to be completed within 60 months, depending on balances, fees, plan payment, creditor participation, and account details.
How debt management plans work
This short video explains the basic idea behind a debt management plan and how it differs from taking out a new loan.
When a debt management plan may help
A debt management plan may be worth reviewing when you can make a steady monthly payment, but interest rates, fees, balances, or scattered due dates are making progress harder than it needs to be.
- Credit card minimum payments are not reducing balances in a meaningful way.
- Several due dates are making it hard to stay organized.
- High interest charges are eating up too much of each payment.
- You want to repay eligible debts through a structured nonprofit plan instead of using debt settlement.
- You want help comparing a debt management plan with debt consolidation options or broader debt relief options.
- You want to understand the payment and tradeoffs before making a decision.
What Money Fit reviews before a plan starts
A plan should make sense before you enroll. Money Fit reviews your numbers with you so the payment, eligible accounts, and expectations are clear.
Your monthly budget
Income, housing, food, transportation, insurance, medical costs, family needs, and irregular expenses all affect whether a plan payment is realistic.
Your debts and account status
Balances, creditors, due dates, interest rates, account status, collections, and minimum payments help determine what may be eligible.
Your plan terms
Money Fit explains the proposed payment, fees, creditor participation, account treatment, and possible concessions before you decide.
The payment has to work after the first month
One payment only helps if the amount is something you can keep making while still covering housing, food, transportation, insurance, medical expenses, and basic household needs.
Money Fit looks at the full budget before recommending a plan. The goal is not to squeeze every dollar into debt. The goal is to create a repayment path that gives you a realistic chance to stay with it.
What debts Money Fit can review
Debt management plans usually focus on eligible unsecured debts. Money Fit can review your accounts and explain which debts may fit a plan and which debts may need a different approach.
Credit cards and store cards
Credit cards and retail store cards are common debt management plan accounts when the creditor participates and the account is eligible.
Medical bills and collections
Some unsecured medical bills or collection accounts may be reviewed. Eligibility and payment treatment can vary by account and creditor.
Payday loans and unsecured loans
Money Fit can review payday loan balances and unsecured personal loans. Some may require separate options depending on creditor participation and account status.
Debts that may need another path
Secured debts, tax debts, student loans, legal judgments, and mortgage or auto loans usually need a different review or a different type of help.
Clear expectations before enrollment
A debt management plan can be useful, but it should not be presented as a guaranteed result. The details matter.
Fees are explained first
If you choose to enroll in a debt management plan, Money Fit explains any setup or monthly fees before you decide. Fees can vary by state, program rules, and household situation.
Creditor participation varies
Money Fit cannot guarantee creditor acceptance, interest reductions, fee waivers, account treatment, credit reporting, or a specific payoff date.
Accounts may be closed or restricted
Some creditors may close or restrict accounts included in a plan. Account treatment depends on the creditor, account status, and program rules.
Credit impact can vary
A debt management plan may affect your credit depending on current accounts, payment history, creditor reporting, account status, and how the plan is handled over time.
Start with a confidential review
Money Fit can help you see whether a debt management plan fits your eligible unsecured debts and monthly budget. You can ask questions, review the payment, and understand the tradeoffs before deciding what to do next.
Frequently asked questions
What is a debt management plan?
A debt management plan is a structured repayment plan for eligible unsecured debts through a nonprofit credit counseling agency. If a plan fits, you make one monthly payment to Money Fit, and Money Fit disburses payments to participating creditors according to the plan.
What debts can be included in a debt management plan?
Debt management plans typically focus on eligible unsecured debts, such as credit cards and some other unsecured accounts. Money Fit can review credit cards, store cards, medical bills, collection accounts, payday loan balances, and unsecured personal loans. Eligibility depends on the account, creditor participation, account status, state rules, and program rules.
Can a debt management plan lower interest rates or fees?
When a debt management plan fits and creditors participate, eligible accounts may receive reduced interest rates or certain fee concessions. Creditor concessions are not guaranteed and can vary by creditor, account, state, program rules, and account status.
Can a debt management plan lower my monthly payment?
Some consumers may receive a more manageable combined monthly payment through a debt management plan, depending on eligible accounts, creditor terms, fees, and the household budget. Money Fit does not promise a specific payment amount or guarantee that a plan will lower monthly payments.
Can a debt management plan help me pay down debt faster?
A debt management plan may help some consumers pay down eligible balances more steadily than continuing with minimum payments alone, especially when creditor concessions reduce interest costs. Payoff timing depends on balances, fees, plan payment, creditor participation, and account details.
How long does a debt management plan take?
Many debt management plans are designed to be completed within 60 months, depending on the consumer’s budget, creditor participation, fees, balances, and account details. Money Fit reviews the expected payment and timing before enrollment.
Is a debt management plan a loan?
No. A debt management plan is not a loan and does not add a new line of credit. It is a structured repayment plan for eligible unsecured debts through a nonprofit credit counseling agency.
Is a debt management plan the same as debt settlement?
No. A debt management plan is not debt settlement. Money Fit does not ask consumers to stop paying creditors as a negotiation tactic and does not promise reduced principal balances.
Will a debt management plan affect my credit?
A debt management plan may affect your credit depending on your current accounts, payment history, creditor reporting, account status, and how the plan is handled over time. No nonprofit credit counseling agency should promise a specific credit score result.
What happens to credit cards included in a plan?
Creditors may close, suspend, or restrict accounts that are included in a debt management plan. Account treatment can vary by creditor, account status, and program rules. Money Fit explains known expectations before you decide whether to enroll.
Does Money Fit sell my information to debt companies?
No. Your information stays with Money Fit. Money Fit does not sell your information or send it to a marketplace of debt companies. Money Fit uses the information you share to respond to your request and review possible next steps.
