Will I have to stop using all my credit cards if I enter a DMP through NFCC?
Question by Russell: Will I have to stop using all my credit cards if I enter a DMP through NFCC?
If I enter a “debt management plan” through the “national foundation of credit counseling,” will I have to stop using all my credit cards until I finish the “debt management plan?” What is their policy while being in a “debt management plan” with them? For example, say I have eight credit cards and five of them have balances that I am having trouble making the monthly payments on. The other three have never been used. Then I enter a “debt management plan” through the NFCC on the five cards that I am having trouble paying the monthly payments on. Will they require as part of the “debt management plan” that I not use the other three cards as long as I am in their “debt management plan.” Can they monitor me? Do I have to agree to never use any of three three cards as long as I am enrolled in their “debt management plan?”
Best answer:
Answer by CatDad
Yes…that’s the whole point of entering into such a program.
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I certainly hope they require you to not use any credit card. It pretty much defeats the whole purpose of a debt management plan if you are running up credit card balances on other cards.
Some NFCC programs will require you to close most of your credit cards.