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Betsy Wise
By: betsy_wise
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Get Into a Debt Management Program: Top 5 Programs

A wise farmer lived well into his 90s because he managed life so it didn’t eat away at his resolve. In his lifetime, he built fences that were “horse-high, pig-tight, and bull-strong” and believed it’s better to keep debt collectors and skunks at a distance.

As you ponder the farmer’s wise advice, consider the importance of choosing the right debt management program to rebuild your finances. When you do, you lessen the chance of having a debt collector pound on your door looking for money. Staying clear of skunks is a different story.

This article helps you learn how a debt management program works and provides a list of five debt management organizations that offer financial solutions to get you out of debt. We’ve also included additional ways to manage debt.

Couple managing the debt. concept: Debt Management Program

What is a debt management program?

A debt management program is designed to ease your financial burden. After a credit counselor analyzes your financial situation, they recommend a suitable debt management program. Along with working directly with your creditors to lower credit card interest rates and waive fees, they teach you how to control spending, stay on a budget, and identify areas where you overspend.

Your unsecured debts, such as credit cards and personal loans, are consolidated into one payment. You make the same monthly payment to an agency for 36 to 60 months until you pay off these debts. In the meantime, you continue to make payments to pay down debt that doesn’t qualify for a debt management program. Debt examples include tax debt, debts secured by collateral, and unpaid child support.

Top 5 Debt Management Programs

Each debt management program comes with different benefits but one or more will most certainly match your financial needs.

Program Name Background Benefits Costs


The nonprofit organization helps its clients achieve financial freedom. Since 1997, they’ve helped consumers pay off more than $3 billion in debt and have given away 10,000+ free financial literacy books. InCharge has an A+ Better Business Bureau rating. It also received a “Circle of Excellence” award from the National Business Research Institute from 2008-2010 recognizing its commitment to improving its customers’ satisfaction. Get free credit, housing, and student counseling.

Lower your interest rates on current debts.

Consolidate bills into one, reduced monthly payment.

Learn how to make a budget and stick to a financial plan.

Average monthly fee: $32

Average setup fee: $50 

Money Management International

MMI excels at helping consumers overcome financial challenges. Since 1958, the nonprofit organization stabilizes households and strengthens communities by helping people succeed financially. MMI is the largest full-service consumer credit counseling organization in the US. 

They offer 24/7 customer service in English and Spanish.

Receive a wide range of counseling services such as credit, housing, reverse mortgage, and post-disaster financial recovery.

Learn how to read a credit report.

Select from a range of debt management plans.

Average monthly fee: $25

Setup fee: $50


For over 60 years, GreenPath, a national nonprofit, has helped people become financially healthy. It partners with banks, credit unions, and employers to help members achieve the best financial wellness possible. GreenPath affiliates with like-minded organizations such as Clarifi and Rural Dynamics Incorporated to help people reach financial independence. Receive free webinars, budget tips, and online chats.

Get personalized online coaching on debt management or in-person counseling at 60 branch offices in 16 states.

Use online calculators, worksheets, and guides to create budgets or compare debt management programs.

Monthly fee: $0-$75

Setup fee: $0-$50

Consolidated Credit

In 25+ years, Consolidated Credit has helped more than 6.5 million people. During that period, they consolidated over 7.8 billion in debt. The organization works with creditors such as Bank of America, American Express, Walmart, Wells Fargo, and Discover. 

Consolidated Credit’s mission is to help families end their financial crises and resolve money management issues.

Reduce credit card payments from 30% to 50%.

Learn how to overcome debt through financial education videos, webinars, and interactive courses.

Receive training on how to build credit, save money, and make a budget.

Average monthly fee: $40

But pay no more than  $79 per month 

Cambridge Credit Counseling

Cambridge Credit Counseling is a nonprofit debt relief agency dedicated to helping people get out of debt fast and stay debt-free. On average, it reduces interest rates from 22% to 8%, monthly payments by 25%, and repays debt in 52 months or less. 

They also provide HUD-approve counseling services and foreclosure intervention as well as student, housing, and reverse mortgage counseling.

Get free credit counseling and debt analysis from nationally certified debt experts with an average of 14 years of experience.

Choose a debt management plan to consolidate credit card payments and other unsecured debt.

Learn about debt management using a financial literacy portal containing hundreds of articles and videos.

Average monthly fee: $30

Average setup fee: $40

Don’t Let Debt Define Your Future

Our farmer friend would also say, “If you find yourself in a hole, the first thing to do is to stop diggin’.” He’s exactly right. When you’re knee-deep in debt, it’s time to stop doing what doesn’t work and turn to something that does. 

Solutions other than a debt management program include implementing proven strategies to pay off debt and using a business loan to consolidate debt.

Meanwhile, keep reading about another way to reach financial freedom in this article: 

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Is Your Business in Debt? Learn About Debt Settlement



At Camino Financial, we specialize in matching the right loan to your business’s needs. Our financial products include microloans and small business loans structured to provide the most financial benefits and the least risk for your business. We encourage you to find out more about our business loans and discover how you can reduce debt while enjoying extra benefits at no cost to you.

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