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Ask the Experts

Ask The Experts

How does a debt counseling service deal with taking credit cards away?

I am ready to use a debt counseling service; however, my husband "refuses" to let anyone take his credit cards away. How does this work? Can one card be kept for emergencies? Also, does using a counseling service damage credit further? Thank you in advance for your response. -Karen


In order for you to be financially free, you and your husband will have to agree to a lifestyle change. Part of this change is to reduce or eliminate your dependence on credit cards. Believe it or not, credit is not one of life's basic needs. Try to determine why your husband "refuses" to give up his cards.

In some circumstances you may be able to keep one line of credit open for emergency purposes, however you should convince him that having an emergency savings account is a far better option. MMI offers a variety of educational webinars and classes to help people learn how to live within their means. You can also find a variety of helpful content — from budgeting calculators, articles full of frugal tips and helpful eBooks — in the Financial Education section of 

In regard to your credit, participation in the program will not change anything that is already on your report. MMI does not report anything to the credit bureaus. It is up to your individual creditors to determine how they will report (or not report) the fact that you are on a repayment plan.

Good luck with your decision!

Ask the Experts

Ask The Experts

If you do not find the answer to your question in the archive, write to the Advice Team today! A member of the Advice Team will personally respond (by email) to your question by offering answers, helpful tips or solutions. This is a free service offered by MMI.

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