STAFFORD, Texas, July 26, 2023 (GLOBE NEWSWIRE) -- Money Management International (MMI), through recent data analysis, has found that people who enroll in a debt management plan are improving their ability to achieve the dream of homeownership.
As wages fail to keep pace with inflation, more and more Americans are struggling to pay for basics and their debt load is deepening. The stress of added debt can make it difficult for people to save for a down payment, limiting first-time home buyers.
A national survey conducted by Fannie Mae in 2022, found that inflation has severely impacted the ability of Americans to save money. Renters are the largest group who said they would likely not be able to set aside money through 2023.
However, an analysis of credit bureau data among consumers who started a Debt Management Plan (DMP) with MMI in 2017 found that about 13 percent were able to obtain a mortgage just five years after entering the program.
“We are thrilled to see one of our flagship programs enabling people to achieve their dreams of homeownership so quickly,” said Kate Bulger, Vice President at MMI. “When someone is struggling with debt and feeling stuck, homeownership can seem like an impossible dream. The DMP can change that and bring homeownership within reach”.
While working with the debt relief counselors at MMI, Lauren Lazarus paid off $25,000 of debt in about 4.5 years and was able to buy a home. She shared her story on MMI’s podcast, Long Story $hort.
“Because of MMI, I am saving for my daughter's college,” Lazarus said. “It's something I thought I would never be able to do. I was able to apply for a mortgage and bought a house. Working with MMI was an experience I am truly grateful for.”
MMI helps consumers by working with creditors to lower and fix interest rates on their credit cards and place them on a repayment plan to pay down their debts. Many clients find relief with a debt management plan, which can save them thousands of dollars and accelerate their repayment.
Debt management plan graduates also improve their credit score by an average of 84 points from start to finish on the plan, which helps increase the odds of securing a mortgage or a lower interest rate.
“The DMP is a great tool to help people pay down debt, improve credit, and make room for personal savings, all of which are key to achieving and maintaining homeownership,” Bulger added.
About MMI
Money Management International (MMI) is changing how America overcomes financial challenges. MMI helps create, restore, and maintain a life of financial wellness through empowered choices. For 65 years, our clients have achieved financial confidence through nonprofit programs that educate, motivate, and liberate. MMI inspires action by delivering expert professional guidance and timely solutions aligned with our client's goals. Experiencing a financial challenge? Find your solution 24/7 at 866.864.8995 and MoneyManagement.org.
For reporters looking to interview real people for stories, MMI has created a group of nearly 300 clients from across the country who are willing to share their experiences with the media in the hopes of helping others challenged with debt. Our peer advocates have paid off $12 million of debt and now serve as MMI ambassadors. Hear from them on MMI’s podcast, Long Story $hort.
To schedule an interview with MMI’s Thomas Nitzsche, MMI client Lauren Lazarus, or any of our MMI Peer Advocates, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
