You are correct - CCCS is consumer credit counseling service. I use Money Management International and I'm on a debt management program. Because of my Mountain O' Debt, I investigated bankruptcy, but I make too much. A friend recommended CCCS.

Under the DMP, I make one monthly payment to MMI. They negotiate with my creditors and get reduced interest rates and set payments. MMI then disburses the money to each creditor. It is a nonprofit group and I pay a de minimis amount for processing. There was also an application fee.

I completed a thorough consultation and at the rate I was paying, with my pre-negotiated interest rates, I would be paid off in 2024. Now, with the MUCH lower rates (some are 2%, down from 16.99%), my full credit card debt will be paid within five years and I will save a mere $13,000 in interest. Plus, I am paying close to $250 less each month than I was.

I've read that there is a potential impact to your credit score because your accounts get closed, so your balances vs. available credit is higher. However, with the high balances I was carrying, my score wasn't that great. Three months after I started my DMP, my score had gone up by about five points.