‘Little over $30K’: Local nonprofit can help you erase tens of thousands in credit card debt

Shane Triplett says he grew up doing puzzles with his grandparents. “I like a challenge and eventually completing it,” he said.

He told Boston 25 that he faced an even bigger challenge when he found himself between jobs.

“Probably some unwise spending choices, but then just having to pay for basic expenses during that time as well,” he said.

He says he racked up a “little over 30k” in debt and worried about bankruptcy.

“The bank actually suggested, ‘Hey, you might want to talk to this other company over here.’ And they actually transferred me over to them,” he said.

That company was the Boston-based Money Management International.

“The idea really is to not just get consumers out of debt but to keep them out of debt,” MMI’s Tara Alderete said. “We are setting up a budget, creating a priority spending plan to save and pay off debt. And then we’re working with creditors to lower interest rates and that’s the big deal.”

Many consumers are paying 20% or more in interest. Alderete says MMI can get that down as low as 7%. Then, you pay the nonprofit and it pays your creditors.

“Basically, the consumer will make one monthly payment to us so it’s like consolidation without a loan,” she said.

Triplett followed the steps and chipped away at his debt, like a puzzle. He says he paid about $300-400 each month and -- when he could -- even more. He says it took about four-five years -- which is about average -- and he finally erased the entire tab. “It was a weight off the shoulders,” he said.

MMI does charge a fee: $39 to start then roughly $25 each month. But Triplett says it was well worth it. Another nonprofit that’s helped people get out of debt is GreenPath.

That said, consumer experts warn to be careful. Watch out for anyone promising to get you out of debt for a fee, especially if they guarantee fast results.

The FTC has taken legal action against a lot of other people offering credit counseling and debt relief services.

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