Debt Management Could Lower Your Monthly Payments by up to 50% or More.

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Here are Just a Few of the Major Credit Card Companies Money Fit Works With for Consolidating Debt:

The Money Fit debt management program isn’t a new loan substituting your existing debts. We’re your ally, actively negotiating with your credit card companies to alleviate your financial burden.

Debt Management Programs Explained

While many consumers define debt management differently, we can all agree that getting out of excessive consumer debt leads to greater stability, less stress, and improved chances for long-term financial success.

Debt relief, debt counseling, debt consolidation, debt negotiations, debt elimination, and debt management all have a similar meaning: Get Rid of Debt. However, they can vary widely in their meaning and method. Often, unscrupulous online actors identify themselves by one term but lead their unsuspecting clients down a completely different, and often financially disastrous, path.

If you are looking for a program that helps you repay 100% of your debts at more favorable terms then setting yourself up on a plan such as this may be in your best interest.

Benefits of Debt Management

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    Lower your payments by up to 50% or more
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    Put an end to collection efforts
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    Drastically reduce interest rates
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    Stop late and over-limit fees

You can enter your information to be contacted by one of our highly skilled counselors, or call us for quicker assistance. Continue reading for more information about debt relief and how you may benefit from it.

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How Debt Management Plans Work

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What Does A Debt Management Plan Do?

If you work with a nonprofit credit counseling agency to manage your debt, you can expect that they will do the following:

Help you put together a personal or household budget.

Provide you with clarity regarding your current debt situation (whom you owe, how much, and how long it would take to repay at minimum payments.)

Compare your current debt repayment options with a debt management program.

Negotiate new agreements with your creditors on your behalf to lower your interest rates, stop late or over-limit fees, and start reporting your payments as on time rather than late.

Simplify your life by accepting a single payment during the month from you and dispersing it to all of your creditors per their new agreements with you.

Offer you multiple free financial education programs, classes, tools, and materials to increase your ability going forward to avoid similar financial struggles.

How to Know Which Type Is Right For You

Debt management seems like a simple and harmless term. Obviously, it refers to the act of managing your debt. Who manages your debt and how they do it become the central questions you need to answer before pursuing your options any further.

You can manage your own debt, of course.

Repaying your consumer debts on your own means you pay no fees. However, once interest rates increase on your debts, paying down on your own may become an impossibility because of higher monthly payments.

You can also turn to a friend, a neighbor, a fellow church parishioner, or even a radio talk show host to help you manage your debt. Each can show you and explain your options for getting out of debt. If they do it for free, they might even help you set up your monthly payments, work with your creditors and schedule your monthly payments.

What they cannot do, though, is simplify your payments and ensure you are getting the creditors’ lowest interest rates.

For that, you will want to turn to a nonprofit credit counseling agency that belongs to one of the two major credit counseling trade groups, such as the FCAA*. These trade groups promote industry best practices, advocate for better services on behalf of consumers served by their members, and set industry service standards.

Do not respond to telemarketing or email marketing, even if the representative claims to work for a nonprofit. Additionally, check with the Better Business Bureau to ensure the agency you work with has an A+ rating. Check out your state’s attorney general office to make sure there are no former, current or pending lawsuits against the agency that would concern you.

When you are ready to work with a nonprofit credit counseling agency, contact the organization directly via phone, email, or their website.

National Debt Management Program available in the following states:

Frequently asked questions:

The following questions are the most common questions we are asked about regarding Debt Management.

Nonprofit credit counseling agencies that offer debt management plans can negotiate lower interest rates and lower monthly payments and offer a consolidated monthly payment for the following types of debts:

  • Current or old Credit Card Debt
  • Medical bills
  • Collection accounts
  • Old utility bills
  • Old cell phone bills
  • Payday loans
  • Signature loans
  • Repossession debts

While not possible to negotiate a lower balance or interest rates, the following debts and obligations can also be consolidated into your monthly payment: Past due student loans, child support payment, and back taxes may be added onto a repayment plan.

By regulation, nonprofit credit counseling agencies cannot negotiate lower interest rates and other repayment terms on any secured debts. These include home mortgages, vehicle loans, home equity lines of credit, most business loans, current tax obligations, pawn loans, vehicle title loans, or current student loans.

Do not trust agencies promising to help you find a debt management program. Trustworthy agencies offer the program themselves and do not contract with other agencies for referrals. While debt management programs tend to extend help to more consumers than other debt elimination options (debt settlement, debt consolidation loans, and even bankruptcy), they are not a one-size-fits-all solution.

The ideal debt management client is dealing with one or more of the following scenarios:

Has trouble paying their debts on time and on their own, is struggling with high-interest rates (e.g. 15% or more on credit cards), can’t keep track of all of their debt accounts and monthly payments, doesn’t know exactly how much debt they have or to whom they owe money.

If you recognize any of these signs of trouble in your own financial life, now is a good time to contact a nonprofit credit counseling agency by phone, online, or via email.

If an agency tells you they have a $10,000 minimum for their debt management plan, they are almost certainly referring to a debt settlement program. Debt settlement companies do not work with consumers with debt under $10,000 because it does not make financial sense for the debt settlement company.

On the other hand, nonprofit credit counseling agencies do not have any minimum debt standards. Whether they recommend a debt management program or not is based on what makes the most financial sense for you, the consumer, not for their agency.

It no longer appears to be standard practice for creditors to report your participation in a debt management program to the consumer reporting agencies (a.k.a. credit bureaus). However, if they do, the notation only remains on your credit report until you complete the debt management program. Once you have repaid your debts, the notation comes off and leaves no lasting indication that you were ever on such a program.

It is also important to know that even if a creditor places such a notation on your credit report, it has no effect whatsoever on your credit rating.

If you struggle to pay your debts on your own (e.g. making payments, negotiating interest rates, and repayment plans with your creditors), your next consideration should be to reach out to a nonprofit credit counseling agency that offers a debt management plan. Make sure you contact a credit counseling agency and not a debt settlement company.

For consumers with a steady income who are still struggling to afford their money payments due to high-interest rates, debt management programs can absolutely be a helpful tool.

That said, debt management programs are not appropriate for all financial challenges, including periods of unemployment or problems stemming solely from housing or vehicle costs.

If you have a steady income and identify with one or more of the following factors, a debt management program may be an ideal solution for you and your household:

If you struggle to meet monthly payment(s) at current repayment terms You have credit cards with above-average interest rates (e.g. 15% or higher) You are dealing with collection accounts demanding immediate payment in full You have health-related creditors (hospitals, doctor offices, labs, etc.) that are requesting payments beyond what you can afford A creditor is threatening to take you to court if you do not make a payment You have one or more payday loans with approaching final due dates, and you won’t have the full payment in time.

Debt management programs do not set minimum or maximum amounts of debt required for enrollment.

No. Participation in debt management plans through nonprofit credit counseling has no direct impact on your credit rating. See FICO’s related statement.

A debt management program may or may not have an indirect impact on your credit rating upfront when you close your accounts. That said, the on-time payments and debt reduction through your debt management program will generally have a positive impact on your credit rating.

Lots of misinformation about debt management programs (DMPs) exists on the Internet and social media. Unfortunately, even so-called experts who sell their own personal finance programs can be sources of disinformation about how debt management programs work.

You may even find particularly well-known radio hosts will consistently steer their listeners away from debt management programs to their own fee-based programs, lumping DMPs into the same pot as debt settlement services and bankruptcy. Make sure you understand the difference.

For additional information, see a similar question on our page about working with credit counseling agencies.

If you have debt, debt management is your answer. It is up to you to decide if you will manage your debt on your own or with third-party help. Since debt does not go away on its own, your plan to manage your debt needs to start with a commitment to do something about it.

Next comes your research into the best options. Do you stick with minimum monthly payments (and maximum long-term cost), find additional money to send every month, work with a nonprofit credit counseling agency, or take the drastic steps of debt settlement and bankruptcy? You do not have to make these decisions on your own. Our counselors are happy to walk you through your options at no cost to you.

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Client Credit Report Authorization

You hereby authorize and instruct Debt Reduction Services, Inc. (DRS, dba Money Fit by DRS) and/or its assigned agents to:
  • Obtain and review your credit report, and
  • Request verifications of your income and rental history, and any other information deemed necessary for improving your housing situation (for example, verifying your annual property tax obligations and homeowner’s insurance fees)
Your credit report will be obtained from a credit reporting agency chosen by DRS. You understand and agree that DRS intends to use the credit report evaluate your financial readiness to purchase or rent a home and/or to engage in post-purchase counseling activities and not to grant credit. You understand you may ask any questions pertaining to your credit report. However, while DRS will review the information with you, the company is not able to furnish you with a copy of your credit profile. You hereby authorize DRS to share your information from your credit report and any information that you provided (including any computations and assessments produced) with the entities listed below to help DRS determine your viable financial options.
  • Banks
  • Counseling Agencies
  • Debt Collectors
  • Landlords
  • Lenders
  • Mortgage Servicers
  • Property Management Companies
  • Public Housing Authorities
  • Social Service Agencies
Entities such as mortgage lenders and/or counseling agencies may contact your DRS counselor to evaluate the options for which you may be eligible. In connection with such evaluation, you authorize the credit reporting and/or financial agencies to release information and cooperate with your DRS counselor. No information will be discussed about you with entities not directly involved in your efforts to improve your housing situation. You hereby authorize the release of your information to program monitoring organizations of DRS, including but not limited to, Federal, State, and nonprofit partners for program review, monitoring, auditing, research, and/or oversight purposes. In addition, you authorize DRS to have your credit report pulled two additional times to conduct program evaluations. You also agree to keep DRS informed of any changes in address, telephone number, job status, marital status, or other conditions which may affect your eligibility for a program you have applied for or a counseling service that you are seeking. Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.

Client Privacy, Data Security, and Client Rights Policy

NOTE: This sheet is to inform new or returning clients about our services, records, fees, and limitations that may affect you as a consumer of our services. This form also discloses how we might release your information to other agencies and/or regulators. If you do not understand a statement, please ask a Debt Reduction Services (DRS) counselor for assistance.

Debt Reduction Services, Inc. (DRS) has put into place policies and procedures to protect the security and confidentiality of your nonpublic personal information. This notice explains our online information practices and how we use and maintain your information to conduct our financial education and credit counseling sessions and to fulfill information and question requests. This privacy policy complies with federal laws and regulations.

To provide our financial education and credit counseling services, we collect nonpublic personal information about you as follows: 1) Information we receive from you, 2) Information about your transactions with us or others, and 3) Information we receive from your creditors or a consumer reporting agency. We do not share this information with outside parties.

We use non-identifying and aggregate information to better design our website and services, but we do not disclose anything that could be used to identify you as an individual.

You hereby authorize DRS, when necessary, to share your nonpublic personal, financial, credit, and any information that you provided (including any computations and assessments produced) with the following entities in order to help DRS provide you with appropriate counseling or guide you to appropriate services: third parties such as government agencies, your lender(s), your creditor(s), and nonprofit housing-related and other financial agencies as permitted by law, including the U.S. Department of Housing and Urban Development.

To prevent unauthorized access, maintain data accuracy, and ensure the correct use of information, we have put in place appropriate physical, electronic, and managerial procedures to safeguard and secure the information we collect online. We limit access to your nonpublic personal information to our employees, contractors and agents who need such access to provide products or services to you or for other legitimate business purposes.

Debt Reduction Services, Inc. complies with the privacy requirements set forth in the HUD housing counseling agency handbook 7610.1 (05/2010), including the sections 2-2 Mc, 3-1 H(2), 3-3, 5-3 F, and Attachment A.5. At all times, we will comply with all additional laws and regulations to which we are subject regarding the collection, use, and disclosure of individually identifiable information.

  1. Services: DRS provides the following housing-related services: counseling that includes Homeless Assistance, Rental Topics, Pre-purchase/Homebuying, and Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase); Education courses that include Financial literacy (including home affordability, budgeting, and understanding use of credit), Predatory lending, loan scam or other fraud prevention, Fair housing, Rental topics, Pre-purchase homebuyer education, Non-delinquency post-purchase workshop (including home maintenance and/or financial management for homeowners), and other workshops not listed above.

Please refer to for details of our services.

  1. Limits: Our services are limited to our normal weekday business hours. We do not provide individual counseling or education services after hours or on weekends, although our education courses are available 24/7.
  2. Fees: We do not charge fees for our financial management counseling and education. However, if you use them, you may have to pay for our Debt Management Program, Student Loan Counseling, Bankruptcy Certificate Services or certain financial education courses (homebuyer education, rental topics, fair housing, predatory lending, and post-purchase-non-delinquency including home maintenance and/or financial management for homeowners).
  3. Records: We maintain records of the services you receive, including notes about your progress or other relevant information to your work with us. You have the right to access and view your records by making a request to your counselor.
  4. Confidentiality: We respect your privacy and offer our services in confidence with the understanding that we may share such information with auditors and government regulators. Certain laws or situations may also lead to disclosing confidential issues, such as those involving potential child abuse or neglect, threats to harm self or others, or court subpoenas.
  5. Refusal of Services: You have the right to refuse services without any penalty or loss.
  6. Disclosure of Policies and Practices: You will be provided our agency disclosure statement.
  7. Sharing of Information: Sometimes we will need to contact other agencies or we may need to share your information, including your records, with other agencies or with regulators. We will do this only if you sign this form that gives us permission except for limited reasons; please see # 5 above for examples of such situations.
  8. Other: You have the right to be treated with respect by our staff, and we expect the same from you in return. We encourage you to always ask questions if something is not clear. We also encouraged you to express your thoughts and advocate throughout our services.

You acknowledge that this authorization will remain in effect for the duration of time that DRS serves as your housing counselor or financial education provider. You also acknowledge that should you wish to terminate this authorization, you will notify DRS in writing.

Disclosure  Statement

NOTE: If you have an impairment, disability, language barrier, or otherwise require an alternative means of completing this form or accessing information about our counseling services, please communicate with your DRS representative about arranging alternative accommodations.

Program Disclosure Form

Disclosure to Client for HUD Housing Counseling Services

Debt Reduction Services, Inc. and its financial education arm, Money Fit by DRS, offer the following housing counseling and educational services related to housing, personal finance, and bankruptcy certificates to consumers:
  • Housing Education Courses: DRS offers many online self-guided education programs classified as Financial, Budgeting, and Credit Workshops (FBC), Fair Housing Pre-Purchase Education Workshops (FHW), Homelessness Prevention Workshops (HMW), Non-Delinquency Post Purchase Workshops (NDW), Predatory Lending Education Workshops (PLW), Pre-purchase Homebuyer Education Workshops (PPW), and Rental Housing Workshops (RHW). These courses help participants increase their knowledge of and skills in personal finance, including home affordability, budgeting, and understanding the use of credit, as well as predatory lending, loan scams, and other fraud prevention topics, fair housing, rental topics, pre-purchase homebuyer education, non-delinquency post-purchase topics including home maintenance and/or financial management for homeowners, homeless prevention workshop, and other workshops not listed above relating to personal finance and housing. Course details are found below under “Housing Workshops.”
  • Home Equity Conversation Mortgage (HECM) Counseling (RMC): Via telephone and virtual platforms, we offer the required HECM counseling nationwide in addition to in-person counseling in Boise, Idaho. We also offer in-home counseling options in thirty counties across southern Idaho for an additional fee to cover our travel and additional staff time costs.
  • Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase) (FBC): Clients receive counseling and materials on the proper maintenance of their home and mortgage refinancing. Clients can find help and resources by phone, in our Boise office, or virtually on all topics related to stabilizing their long-term homeownership.
  • Services for Homeless Counseling (HMC): Clients receive phone, virtual, or in-person (Boise) counseling to evaluate their current housing needs, identify barriers to and goals for housing stability, establish a path to self-sufficiency, and connect with emergency shelters, income-appropriate housing, and/or other community resources (e.g. mental healthcare, job training, transportation, etc.).
  • Pre-Purchase Counseling (PPC): Clients receive counseling through the entire homebuying process. Assistance may involve creating a sustainable household budget, understanding mortgage options, building their credit rating, and putting together a realistic action plan to set and achieve homeownership goals.  Additionally, clients will receive materials and resources about home inspections and other homeownership topics relevant to successfully maintaining a home.
  • Rental Housing Counseling (RHC): Via phone, in-person appointments (Boise, ID), or virtual platforms, clients receive housing counseling relevant to renting, including rent subsidies from HUD or other government and assistance programs. Topics can also address issues and concerns having to do with fair housing, landlord and tenant laws, lease terms, rent delinquency, household budgeting, and finding alternate housing.
DRS also offers the following services:
  • A Debt Management Program (DMP) for consumers struggling to pay their credit cards, collections, medical debts, personal loans, old utility bills, and past-due cell phone accounts;
  • The Budget Briefing and Debtor Education Certificates that are required during the Bankruptcy filing process;
  • A Student Loan Repayment Plan Counseling and application service.

Relationships with Industry Partners

Through such services, DRS has established financial relationships with hundreds of banks, credit unions, and creditors such as American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Credit One, Discover, Synchrony, US Bank, USAA, Wells Fargo, and others.

No Client Obligation

The client is not obligated to receive, purchase or utilize any other services offered by DRS or its exclusive partners to receive financial education or housing counseling services. Alternatives: As a condition of our counseling services, in alignment with meeting our client services goals, and in compliance with HUD’s Housing Counseling Program requirements, we may provide information on alternative services, programs, and products available to you, if applicable and known by our staff. Alternative DMP services include negotiating better repayment terms directly with your individual creditors, paying your debts as agreed, or, in extreme cases, filing for personal bankruptcy. Alternative credit and education services can be found through or the Jump$tart Clearinghouse of online financial education resources. Housing counseling alternatives can be found through HUD at