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The number of cards doesn’t matter to credit-rating agencies nearly as much as the amount of debt you carry on those card.

A California man is in the Guinness World Records for having 1,497 cards, though he said he actually used just one of them.

The good news is that a Debt Management Program can function like a Debt Consolidation Program, without hefty interest.

When your financial life starts spinning out of control, just keeping track of all those bills can be a job in itself.

You make one monthly payment to the counseling agency and they divide the payment among the creditors in an agreed upon manner.

As you make your DMP program payments, you will start reestablishing your credit through regular monthly and on-time payments.

The debt-to-income ratio is determined by adding all your monthly debt payments and dividing that number by your gross monthly income.


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