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by Amine Rahal | Jan 5, 2025 | Debt Relief
Wondering if Take Charge America is a good option for debt settlement or debt relief? In this review of the company, we’ll look at their reviews and ratings from across the web, and we’ll break down their services when it comes to managing and decreasing debt.
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Who is Take Charge America?
Take Charge America (TCA) is a nonprofit credit counseling agency that provides debt management, financial education, and housing counseling services. Founded in 1987, TCA has helped thousands of individuals regain financial stability through structured debt relief programs and personalized financial counseling.
- Headquarters: Phoenix, Arizona
- States Covered: Nationwide (Available in most U.S. states)
- Founded in: 1987
- Website: www.takechargeamerica.org
- Phone: 1-866-750-9634
Services Offered:
- Free Credit Counseling
- Debt Management Plans (DMPs)
- Budget Planning & Financial Education
- Housing Counseling (HUD-approved)
- Student Loan Counseling
- Bankruptcy Counseling
February 2025 Update: As per a recent press release, Take Charge America has expanded its free housing counseling and mortgage assistance services to California, thanks to a $250,500 grant from the California Housing Finance Agency (CalHFA). This initiative allows the nonprofit agency to provide confidential support to homeowners and renters struggling with delinquency, foreclosure risk, or navigating the homebuying process. The services include rental and mortgage delinquency assistance, reverse mortgage counseling, pre-purchase and post-purchase guidance, and rental counseling for first-time or low-income renters. As a nonprofit, Take Charge America remains committed to offering free, unbiased advice tailored to each client’s financial situation. Residents can schedule a virtual appointment by visiting TakeChargeAmerica.org or calling (866) 987-2008.
Minimum Requirements to Qualify:
- Minimum Debt: No strict minimum, but best suited for those with $5,000+ in unsecured debt
- Income Minimum: Must have verifiable income to support a repayment plan
Take Charge America Ratings & Reviews:
Take Charge America is known for its commitment to consumer financial education, transparent practices, and effective debt relief solutions. Here’s how they are rated across major platforms:
- BBB Rating: A+ (Accredited Business)
- BBB Reviews: 4.7/5 Stars
- Trustpilot: 4.8/5 Stars
- Google Reviews: 4.6/5 Stars
- Consumer Affairs: 4.5/5 Stars
- Investopedia Rating: 4.3/5 Stars
- Accreditations: Member of the National Foundation for Credit Counseling (NFCC), HUD-approved housing counseling agency
Key Features & Benefits:
1. Free Credit Counseling
Take Charge America provides a free, confidential financial review to help clients explore available debt relief options and develop a customized financial plan.
2. Debt Management Plans (DMPs)
- TCA works with creditors to reduce interest rates and eliminate late fees.
- Clients make one consolidated monthly payment to TCA, which is then distributed to creditors.
- Most DMPs last 36 to 60 months, depending on the debt amount.
3. Nonprofit & Transparent Fee Structure
- As a nonprofit agency, TCA offers low-cost solutions with fees regulated by state laws.
- Fees typically range from $0 to $50 for enrollment and $25 to $75 monthly.
4. Housing & Bankruptcy Counseling
- Provides HUD-approved housing counseling for mortgage assistance and foreclosure prevention.
- Offers pre-bankruptcy counseling and debtor education, as required by federal law.
5. Financial Education & Resources
- Free online courses, budgeting guides, and financial tools.
- Personalized coaching to help clients develop better financial habits and avoid future debt.
Limitations & Considerations:
While Take Charge America has many benefits, here are some potential downsides:
- Debt management plans require consistent payments – If you miss a payment, you may lose program benefits.
- Not all debts qualify – Secured debts like mortgages and auto loans are not eligible.
- State restrictions apply – Some services may not be available in all states.
Customer Support Review:
Take Charge America receives high marks for customer service and program transparency. Many clients praise the easy enrollment process and supportive financial counselors.
Here’s what a customer named Jessica had to say:
“Take Charge America helped me lower my credit card interest rates and develop a realistic repayment plan. Their team was professional, patient, and always available to answer my questions. I highly recommend them!”
Frequently Asked Questions (FAQ)
1. What types of debt does Take Charge America handle? TCA specializes in unsecured debts, such as credit card debt, medical bills, personal loans, and collections. They do not handle secured debts like auto loans or mortgages.
2. How does Take Charge America’s debt management plan work? A DMP consolidates all your eligible debts into one monthly payment. TCA negotiates with creditors to lower interest rates and waive fees, helping you pay off debt faster.
3. Are there any upfront fees? TCA’s fees vary by state, but they do not charge high upfront fees like for-profit debt relief companies. Many clients qualify for low-cost or waived fees.
4. Will using a debt management plan affect my credit score? DMPs may initially impact your credit score, but as you make consistent payments and reduce your debt, your score is likely to improve over time.
5. How long does a debt management plan take? Most DMPs take 3 to 5 years to complete, depending on the amount of debt enrolled.
6. Is Take Charge America available in all U.S. states? TCA operates in most states, but some services may not be available in all locations. Check their website or call for details.
7. Does Take Charge America offer student loan assistance? Yes, TCA provides guidance on student loan repayment options but does not offer direct consolidation services.
8. What qualifications do I need to enroll in a debt management plan? You must have verifiable income to ensure you can make consistent monthly payments.
9. What should I expect during the free consultation? During the consultation, a financial counselor will review your debt situation, discuss repayment strategies, and outline your best options.
10. How do I get started with Take Charge America? Visit www.takechargeamerica.org or call 1-866-750-9634 for a free consultation.
Final Thoughts: Is Take Charge America Right for You?
Take Charge America is a trusted nonprofit credit counseling agency that provides debt management plans, financial education, and personalized counseling. Their low fees, nonprofit status, and strong industry reputation make them an excellent choice for individuals struggling with credit card debt and looking for a structured path to financial stability.
If you’re seeking a reputable debt management program, Take Charge America is a solid option.
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by Amine Rahal | Sep 13, 2024 | Definitions
If inflation is eating away at your portfolio, one investment you may have looked at is precious metals. Physical metals are known to be a good hedge against inflation and paper assets, but which precious metal should you invest in: gold or silver? In this article, we’ll cover the pros and cons of both to help you decide on your precious metal allocation. First, let’s look at this comparison table:
| Factor |
Gold |
Silver |
| Market Value |
Higher price per ounce |
Much lower price per ounce |
| Volatility |
Lower volatility, more stable |
Higher volatility, more prone to price swings up or down |
| Liquidity |
Highly liquid, easier to buy and sell in large quantities |
Liquid but may have less demand in large quantities |
| Industrial Use |
Minimal industrial use |
Significant industrial demand (electronics, EV, solar energy) |
| Supply and Demand |
More stable due to its primary use as a store of value |
Fluctuates based on industrial demand and economic cycles |
| Hedge Against Inflation |
Strong hedge, typically rises during inflation |
Also a hedge, but more sensitive to its industrial demand and economic conditions |
| Investment Popularity |
Preferred by institutional investors and central banks |
More popular among smaller retail investors |
| Portfolio Diversification |
Considered a safer and more stable option for diversification |
More speculative, can add risk but also potential for higher gains |
| Historical Performance |
Steady long-term appreciation, especially in times of crisis |
More cyclical, with stronger price movements in both directions |
| Storage Costs & Space Required |
Requires less space due to higher value per ounce. One $80,000 gold bar can fit in your pocket. |
Silver requires more physical space for equivalent value. $80,000 worth of silver would occupy the equivalent of 2 shoeboxes. |
For me, the highlight of this table is how easy it is to store gold. An $80k gold bar can fit in your pocket, which makes it very convenient, cheap and easy to store. This factor greatly contributes to the fact that gold is an amazing store of value. However, this also makes it very difficult to “spend”. In a scenario where the dollar is worth nothing and you want to use your precious metals as currency for everyday expenses, silver might be a better choice.
Gold: The Classic Choice
Gold investing goes back thousands of years. Virtually every holy book mentions it. Now, why should you consider gold? For the following reasons:
- Stability: Almost every known civilization has valued gold for thousands of years, and even now, people often see it as a safe haven during economic uncertainty. Its price tends to be more stable over time.
- Inflation Hedge: History has shown that when the cost of living rises, gold prices often increase too. This makes it a good option for preserving your purchasing power during high-inflation times.
- Global Acceptance: Gold is recognized and valued worldwide. If you ever need to sell, it’s generally easy to find a buyer, especially if you have recognized bullion coins and bars like American gold eagles or Canadian maple leafs.
- Less Volatility: Gold prices don’t fluctuate as wildly as some other investments, which can make it a calmer ride for investors.
Things to keep in mind:
- Higher Cost: Gold is more expensive per ounce than silver. This means you’ll need more money upfront to invest. Also, each gold investment company has different fees, with some charging very high premiums. We encourage you to shop around. Look for a company with competitive prices for their gold coins and bars.
- Slower Growth Potential: Because it’s more stable, you might see slower gains compared to more volatile investments.
Silver: The Dynamic Alternative
Silver is the most conductive metal on earth, which makes it needed in multiple industries, including Electric Vehicles, Electronics, Medicine and many more. Its various uses mean that its value goes beyond its investment potential. In a nutshell, you should consider investing in silver because:
- Affordability: Silver is much cheaper than gold. Why is that helpful? It allows you to start investing with a smaller amount of money.
- Industrial Demand: As we covered earlier, silver is used in many industries from electronics to EVs to solar panels. This can drive up demand and potentially its price.
- Growth Potential: Silver prices can rise quickly, offering the chance for significant gains if the market moves in your favor. If being the key word.
Things to keep in mind:
- Higher Volatility: Silver prices can swing more dramatically than gold. This means higher potential rewards but also higher risks.
- Storage Space: Because silver is less valuable per ounce, you’ll need more physical space to store it compared to gold.
- Market Liquidity: While silver is still easy to buy and sell, it might not be as readily accepted as gold in some markets. Especially in the east.
Making Your Decision
Before deciding on whether you should buy gold or silver as a hedge against inflation, consider your goals and comfort level:
- Are you looking for stability and a long-term store of value? Gold might be the better choice for you.
- Are you open to taking more risk for the chance of higher returns? Then silver could be more up your alley.
- Do you have a smaller budget to start investing? Silver allows you to enter the market without needing a large sum of money.
Now, how about both?
- Diversification: Investing in both gold and silver can help balance your portfolio. Really! Gold can provide stability. Silver offers growth potential.
- Hedging Bets: Holding both metals means you’re not putting all your eggs in one basket.
Final Thoughts
Ultimately, the choice between investing in gold vs silver depends on your individual financial situation, investment goals, and how much risk you’re comfortable taking on. It also depends on your understanding of the pros and cons of both metals. Do you believe the pros of one outweigh the pros of the other? There is no single right answer. Our final thoughts are:
- Do Your Research: Look into current market trends, historical price movements, and forecasts.
- Consult a Professional: It might be helpful to talk to a financial advisor who can offer personalized advice.
- Think Long-Term: Precious metals are generally considered long-term investments.
As always, we would like to remind you that investing always comes with risks, and there’s no guaranteed return. But with careful consideration and planning, you can make a choice that aligns with your financial goals. Always speak to your financial advisor before making any investment decision. Understand that past results don’t guarantee future returns. Invest wisely.
Also, given the inflation we had to endure in the last few years, make sure you analyze your financial situation fully to determine whether you should be investing in a new asset class like precious metals. You should NEVER use debt or credit to buy physical metals or invest in anything else. If you’re in high debt, we recommend looking at different debt relief options to see how you can alleviate your debt, before thinking about investing.
by Amine Rahal | Aug 30, 2024 | Debt Relief
In the U.S., interest rate caps—especially when it comes to protecting consumers from predatory lending—are largely regulated at the state level. This means that the maximum interest rates lenders can charge vary depending on which state you live in and the type of loan we’re taking out. Let’s break down how this works across different states.
What Qualifies as a “Predatory Loan”?
First, let’s compare a traditional loan you would get from a bank versus a “predatory loan” you would get from an alternative lender:
| Feature |
Traditional Bank Loan |
Predatory Loan |
| Interest Rate |
Low to moderate (typically 3% to 12% APR) |
Very high (can exceed 50% APR, sometimes 300%+) |
| Loan Terms |
Fixed terms (usually 1 to 30 years) |
Short terms (often 2 weeks to a few months) |
| Repayment Structure |
Monthly payments, often with amortization |
Lump-sum payment or frequent, high payments |
| Fees and Charges |
Transparent, disclosed upfront |
Hidden fees, high fees, or penalties |
| Borrower Qualification |
Strict requirements (credit score, income, etc.) |
Minimal qualification (often no credit check at all) |
| Regulatory Oversight |
Highly regulated by federal and state laws |
Often operates in regulatory gray areas |
| Purpose of Loan |
Typically for major purchases (homes, cars, education) |
Often for emergency or short-term needs |
| Impact on Credit Score |
Positive impact if paid on time, reported to credit bureaus |
Negative impact, often not reported positively to credit bureaus |
| Borrower Rights |
Strong consumer protections, recourse available |
Limited recourse, predatory practices common |
| Rollover/Renewal |
Generally not allowed or unnecessary |
Frequent rollovers, trapping borrowers in cycles |
| Lender’s Intent |
Long-term relationship, repayment is expected |
Profit from borrower’s inability to repay on time |
Essentially, a predatory loan is a type of loan that takes advantage of borrowers in vulnerable and dire financial situations. These loans often come with excessively high interest rates, hidden fees, or deceptive terms that make it difficult for borrowers to repay the loan.
Federal Protections
Before diving into state specifics, it’s worth noting that there is a federal cap in place for certain groups. The Military Lending Act (MLA) caps interest rates at 36% APR for active-duty service members and their dependents on most consumer loans. This law provides a strong layer of protection, but it only applies to military members. You can learn more about the MLA on the Consumer Financial Protection Bureau (CFPB) website.
State-Level Interest Rate Caps
Interest rate caps for everyone else are set by state laws, and these can vary widely:
- California
- Payday Loans: In California, payday lenders can charge up to $15 per $100 borrowed, which can equate to an APR of over 400% depending on the term of the loan.
- Installment Loans: For loans over $2,500, there’s no cap on interest rates.
- More Info: Check out California’s Department of Financial Protection and Innovation for detailed regulations.
- Colorado
- New York
- All Loans: New York has a strict usury law that caps interest rates at 16% for most types of consumer loans. Charging above 25% is considered criminal usury.
- More Info: For more on New York’s laws, the New York State Department of Financial Services is a good resource.
- South Dakota
- Payday Loans: Like Colorado, South Dakota caps payday loan rates at 36% APR. This cap was set after a successful 2016 ballot initiative aimed at protecting consumers from predatory lending practices.
- More Info: Learn more on the South Dakota Division of Banking website.
- Texas
- Payday Loans: Texas doesn’t cap interest rates directly for payday loans, but it does regulate fees. This can still lead to APRs that exceed 400%, depending on the loan’s terms, which is extremely high.
- More Info: The Texas Office of Consumer Credit Commissioner provides more information on lending laws in the state.
- Illinois
- Florida
- Utah
- All Loans: Utah has no cap on interest rates, making it one of the most lender-friendly states in the U.S. This means payday lenders and other high-interest lenders can charge extremely high rates. Beware of Utah-based lenders.
- More Info: For more, see the Utah Department of Financial Institutions.
Know Your Rights & Do Your Due Diligence
These state-specific laws are crucial because they determine how much protection you have against predatory lending practices. In states with strict caps like New York or Colorado, consumers are generally safer from exorbitant interest rates. But in states like Utah or Texas, the lack of caps means consumers need to be extra cautious when taking out loans.
Predatory loans have put many American consumers in dire financial situations, exacerbating their debt and pushing them into bankruptcies. If you are dealing with high debt and are struggling to pay your bills, consider debt settlement instead of requesting another loan which will most likely put you deeper into debt.
Finding Out More
If you’re considering taking out a loan, it’s a good idea to first check what the interest rate caps are in your state. You can usually find this information through your state’s Department of Financial Services or a similar regulatory body. Additionally, the Consumer Financial Protection Bureau (CFPB) offers a wealth of resources on consumer rights and protections.
By understanding these caps, you can better protect yourself from predatory lending practices and make more informed financial decisions.
by Amine Rahal | Jun 30, 2023 | Definitions, Inflation
In the realm of economics, three terms often crop up in discussions about the health of an economy: inflation, recession, and depression. While they are interconnected in various ways, each term represents a distinct economic phenomenon with different implications for the economy and, by extension, for investors, businesses, and consumers. This article will delve into the definitions of inflation, recession, and depression and explore how they are linked. Let’s start by looking at a comparison table:
|
Inflation |
Recession |
Depression |
| Definition |
General increase in prices. |
Significant decline in economic activity, typically for two quarters or more. |
Severe and prolonged downturn in economic activity. |
| Impact on Economy |
Decreases purchasing power. Can stimulate economic activity when moderate, but leads to instability when too high. |
Results in higher unemployment, decreased consumer spending, and economic slowdown. |
Severe declines in employment and production, often causing significant economic hardship. |
| Common Causes |
Excessive growth in the money supply, demand-pull, or cost-push factors. |
Various, including financial crises, economic bubbles, or external shocks. |
Often a severe or prolonged recession, but can also be caused by a financial crisis or large-scale economic dislocation. |
| Central Bank Response |
May raise interest rates to slow economic activity and curb inflation. |
May lower interest rates and increase government spending to stimulate economic activity. |
Similar to recession, but response typically needs to be larger and more sustained. May involve significant fiscal policy responses as well. |
| Link to Other Two Terms |
High inflation can lead to a recession. Recession can lead to low inflation or deflation. |
Can turn into depression if severe and prolonged. Lower demand during a recession can lead to lower inflation. |
Could lead to deflation due to lower demand. However, policy responses could potentially lead to inflation. |
Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power. In other words, as inflation increases, each unit of currency buys fewer goods and services. Inflation is updated monthly.
Moderate inflation is typical in a growing economy and can even stimulate economic activity. However, if it gets out of hand, it can lead to economic instability. The BLS uses the CPI to measure inflation.
The Federal Reserve, like most central banks, aims to control inflation by adjusting interest rates. Lower interest rates encourage spending and investment, which can boost economic activity and, potentially, inflation. Higher interest rates can slow economic activity and curb inflation.
Recession
A recession is typically defined as a significant decline in economic activity spread across the economy, lasting more than a few months. This is often seen in real GDP, real income, employment, industrial production, and wholesale-retail sales. Economists generally agree that two consecutive quarters of negative GDP growth indicate a recession.
Recessions can be caused by various factors, including financial crises, external shocks, and the bursting of economic bubbles. Policymakers often respond to recessions by lowering interest rates and increasing government spending, aiming to stimulate economic activity.
Depression
A depression represents a severe and prolonged downturn in economic activity. It’s more extended and more profound than a recession, characterized by significant declines in output, employment, and trade, often lasting several years. The most notable example is the Great Depression of the 1930s.
Depressions are rare, and economists don’t have a standardized definition like they do for a recession. However, they generally agree that depressions involve a substantial contraction in economic activity that lasts several years.
How Are They Linked?
Inflation, recession, and depression are intertwined in many ways:
- Inflation and Recession: Too much inflation can lead to a recession. When prices rise too quickly (hyperinflation), consumers can struggle to afford goods and services, and businesses can find it challenging to plan for the future. If the central bank tries to combat high inflation by raising interest rates too quickly, it can cool the economy too much and lead to a recession.
- Recession and Inflation: On the flip side, recessions can lead to lower inflation or even deflation (a general decrease in prices). In a recession, demand for goods and services falls, which can lead to lower prices.
- Recession and Depression: If a recession is particularly severe and prolonged, it can turn into a depression. While there’s no strict dividing line, depressions involve higher unemployment, lower output, and more significant declines in standards of living than recessions.
- Inflation and Depression: Inflation rates during a depression can vary. Sometimes, depressions can involve deflation, as demand for goods and services falls and businesses lower prices to try to entice customers. However, economic policy responses to a depression could lead to inflation. For example, if the government responds by increasing the money supply or government spending dramatically, it could eventually lead to increased inflation.
In summary, inflation, recession, and depression are all interconnected elements of economic cycles. By understanding these terms and their relationships, we can better grasp the complexities of economic health and make
FAQ
Q1: What causes inflation? A1: Inflation can be caused by various factors, including excessive growth in the money supply, demand-pull inflation where demand for goods and services outpaces supply, or cost-push inflation where the cost of raw materials or wages increase.
Q2: How can inflation be controlled? A2: Central banks often aim to control inflation by adjusting interest rates. By raising interest rates, central banks can decrease borrowing and spending, thus reducing inflation. Conversely, lowering interest rates can stimulate borrowing and spending, potentially leading to increased inflation.
Q3: What are the signs of a coming recession? A3: Common signs of a coming recession include a decline in the GDP, higher unemployment rates, lower consumer spending, decrease in business profits, and a volatile stock market.
Q4: How can a recession affect the average person? A4: During a recession, people might face job loss or reduced working hours. They may also see the value of their investments decrease, and it could become harder to get credit.
Q5: What’s the difference between a recession and a depression? A5: The main difference between a recession and a depression is the duration and severity of the economic downturn. A recession is a temporary decline in economic activity, typically lasting six months to a year. A depression, on the other hand, is a severe and prolonged economic downturn, often lasting several years.
Q6: How do governments respond to a depression? A6: In a depression, governments may enact expansive fiscal policies, such as increasing government spending, cutting taxes, or both, to stimulate the economy. Central banks may also adopt expansionary monetary policies, such as lowering interest rates or implementing quantitative easing.
Q7: Can a depression lead to inflation? A7: A depression could potentially lead to deflation due to lower demand. However, the economic policy responses to a depression, such as increasing the money supply or government spending, could eventually lead to increased inflation.
Q8: How does a recession affect inflation? A8: A recession typically leads to lower inflation or even deflation. This is because, in a recession, the demand for goods and services falls, which can lead to lower prices. However, the specific impact on inflation can vary depending on the nature and severity of the recession, and the policy responses to it.
Q9: What role do central banks play in managing the economy through these cycles? A9: Central banks play a crucial role in managing the economy through inflation, recession, and depression. They often use tools like interest rates and open market operations to influence the money supply, aiming to stabilize prices and maintain low unemployment rates.
