Debt can feel like a heavyweight dragging you down. Many hard-working people find themselves having large debt amounts though it is not their fault. A job loss, medical crisis, divorce or other hardship can trigger the debt domino effect. Even those who do everything “right” with college and housing can end up buried under massive student loans and mortgage payments. Take Charge America Credit Counseling.
If this is your case, being overwhelmed with debts then credit counseling services like those from Take Charge America can provide a lifeline to regain control of your finances.
Nonprofit credit counselling services such as Take-charge America can throw you a lifeline to start getting back on your feet financially. Read on to learn more about how credit counselling works and the specific benefits offered by Take Charge America’s programs.
An Introduction to Take Charge America
Founded in 1987, Take Charge America is a national nonprofit organization offering credit counselling, debt management assistance, student loan counselling, housing counselling, and financial education to consumers across the United States.
Their mission is to provide guidance and support so individuals and families can achieve financial independence.
Some key services offered by Take Charge America include:
- Free credit counselling sessions – Speak with an NFCC-certified counsellor to assess your financial situation and discuss options.
- Debt management program – A personalized plan to consolidate debts and negotiate with creditors for better interest rates and terms.
- Financial education resources – Webinars, seminars, workshops, and other tools to improve money management skills.
- Student loan counselling – Guidance on repaying student loans and avoiding delinquency.
Take Charge America has helped over 2 million people get out of debt faster and manage money better. Keep reading to learn what makes them stand out as a leading nonprofit credit counselling agency.
The Benefits of Using Take Charge America
Choosing Take Charge America for credit counseling provides many advantages:
- As a nonprofit, their mission is helping consumers, not making profits. You can trust their guidance has your best interest at heart.
- Their initial counselling session is always free.
- Their certified counsellors have extensive training in creating customized debt management plans that work for your unique situation.
- They provide tools and guidance on budgeting, saving, fixing credit, and more financial topics so you can build long-term money management skills.
- Take Charge America receives high ratings and positive feedback from many clients for their expertise in helping people get out of debt.
What to Know Before Enrolling in Debt Management
While Take Charge America has many benefits, it’s important to understand how their debt management program can impact your finances:
#1. Your Credit Score May Drop Temporarily
When you start a debt management plan, your credit report will show you are now making payments through a credit counselling agency rather than directly to card issuers. This change may cause an initial drop in your credit scores.
#2. Debt Management Fees Apply
While credit counselling is free, their debt management program does have monthly fees based on the amount of debt being repaid through the program. Fees range from $0 to $75 per month.
#3. Your Credit Usage Is Reported Differently
Any accounts in a debt management plan will show as closed on your credit report. This can help or hurt your credit utilization ratio depending on how it affects your remaining available credit.
The program can help you save money on interest and get out of debt faster but be sure to consider the potential credit impacts as you make your decision.
What to Expect During Credit Counseling
If you decide to have an initial credit counselling session with Take Charge America, here is what typically happens:
- You provide details on your monthly income, expenses, debts and assets. This helps to create a clear budget analysis.
- The counsellor reviews your full financial situation and discusses all options available to you based on your specific needs.
- They explain debt management plans, debt consolidation loans, bankruptcy, and other potential debt relief strategies.
- You can ask questions and get customized advice on the best path forward for your circumstances.
- If suitable, they may recommend their debt management program and explain the process to enrol. But there is no obligation to sign up.
The first counselling session usually lasts about an hour. It’s a helpful opportunity to understand your total financial picture and whether Take Charge America’s services are the right fit.
Getting Started With the Debt Management Program
If you do opt to enrol in Take Charge America’s debt management program, here is an overview of what to expect:
- You’ll provide details on all debts you want to include in the program – credit cards, medical bills, payday loans etc.
- Their counsellors will contact each of your creditors and negotiate to reduce interest rates, waive fees, and create an alternate payment plan.
- You’ll make one monthly payment to Take Charge America, and they disburse payments to each creditor. This simplifies the repayment process.
- The new loan terms and reduced interest rates help you save money and pay off debt faster. Many become debt-free in 3-5 years.
- Participating in the debt management program and making on-time payments can start rebuilding your credit.
Be sure to consult your counsellor with any questions you have during enrollment so you fully understand the debt management process.
Alternatives to Consider
While Take Charge America is a leading choice, also consider these alternatives:
- Money Management International – Another top nonprofit credit counseling agency with free sessions.
- GreenPath Financial Wellness – A national organization offering debt management plans.
- National Debt Relief – A large for-profit debt settlement company.
Compare costs, services, credentials and client reviews to find the best match for your debt situation and budget.
The First Step on the Road to Financial Freedom
Choosing a credit counselling provider like Take Charge America marks the start of reclaiming control over your finances instead of letting debt control you. Their experienced counsellors create customized plans to fit your budget and needs while providing ongoing education and support.
While debt relief takes time and commitment, the long-term benefits of becoming debt-free and achieving financial independence make it worthwhile. Take charge of your debt today and begin the journey to financial freedom.
Conclusion
Take Charge America has provided credit counselling and debt management assistance to over 2 million clients for over 30 years. Their nonprofit status, free consultations, and certified financial experts can provide the help you need to tackle debt.
Carefully consider the potential impacts to your credit and finances before enrolling in their debt management program.
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