A DMP will not look bad on your credit report. I am currently enrolled in one through Money Management. I believe the only way it affects your credit is if you open another card while you are on the DMP plan. Other than that no one will know, and it will not be in your credit report.

This is a link to a not for profit agency that offers credit and bankruptcy counseling. I was recommended them through Consumer Credit Counseling Service, which is the only credit service that Suze Orman recommends on her website. They also offer consolidation services. I am currently enrolled in their consolidation service. They lowered my interest rates on my credit cards and put me on a debt management plan.

Suze Orman Debt tips (including her endorsement of CCS):=&AreasofExpertiseID=5

Money Management:

do neither

read thru creditinfocenter.com first and search any
collection agencies on buddhibbs.com

Go to the Citizens Advice Bureau for some money advice. Debt Management companies and lenders both stand to gain by selling their products to you, and the advice is less likely to be full and objective. The CAB will look at your whole situation and give all of the options so that you can decide what is best for your situation. Hope this helps.

If you’re you are talking debt consolidation, then you are right, a DMP will look bad on your credit report.

The best bet is pay the minimum on your cards, and apply the leftover amounts to the card with the highest interest rates.

Shred all the other cards but one that you will eventually pay off each and every month.

Try to live on cash.