HONOLULU (KHON2) — A nonprofit credit counselor has helped a Hawaiian resident pay off $28,000 in debt in just three years.
Money Management International (MMI) has helped over 52,000 households pay off nearly $250 million in debt through their debt management plan.
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Kerri Keys from Kihei, Hawaii is one of their recent clients who started working with them in 2019. She said the day she contacted MMI was the best decision she ever made.
“The day I contacted MMI to help me pay off my debt was one of the best decisions I could have made,” said MMI client Kerri Keys. “I would still be in debt if it wasn’t for their easy to follow plan and all the friendly help with any questions or problems. Using this service is a great way to reduce your monthly payments and the time it takes to get out of debt.
MMI said that on average, customers who engage in debt management with them reduce their credit card interest rates to 6.4% and become debt free within four years.
Keys’ experience comes at a time when people are trying to pay off debt faster and smarter. They report that the Federal Reserve began raising interest rates this week (up to 7x this year), making it a critical time for indebted consumers to create a plan to handle increases on rate accounts. variable like credit cards.
“Stigma is a powerful force for people struggling with personal finance issues, especially credit card debt often associated with non-essential expenses,” said Thomas Nitzsche, financial educator at MMI. “By courageously stepping forward to openly discuss their financial challenges, our clients demonstrate the importance of visibility and vulnerability. They, in turn, connect with those who are currently facing similar challenges, empowering them to take the next step toward financial security by researching their options and engaging with experts like MMI’s empathic counselors.
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MMI reports that most Americans (73%) are unaware of the interest cut offered through nonprofit debt management, according to a Harris poll commissioned by MMI.