Savings Acct/Take Charge America

The timing of coming upon these posts is very odd indeed. I was Googling Take Charge America to get their web address to log on to my account when I came upon this blog and logged on out of curiosity to read the comments. Anyway, 5 years ago my husband and I were over our heads to the tune of almost 60k in credit card debt. The over limit fees, late fees and interest rates were killing us. I was referred to Take Charge America by MBNA after I approached them to say we would never be able to pay them down unless they lowered our interest rate. I was very skeptical at first and spent two months investigating and gathering information. I even went to a bankruptcy attorney and he told me bankruptcy was not really an option for us due to our income and the fact that we had a second house. I didn't want to file bankruptcy anyway, but I definitely wanted to get information on all of the options before I committed to any plan. My husband was opposed to TCA because he figured if we could scrape up the $1,300 a month payment for TCA, we could pay off our own debt and not pay a $40 monthly fee on top of it. However, I knew it was the renegotiated interest rate that would save our butts, and I was the one sweating out how to rob Peter to pay Paul each month. We also had two kids hitting high school who would both be college bound within 4 & 5 years. The 5-year plan laid out for us out by the credit counselors at TCA really took my breath away, but I knew that if we were going to be paying for two years of college for our two kids right after those 5 years were up, we needed to take a very drastic step. TODAY our last payment was drafted for our plan, and we have paid off that 60k in credit card debt in 5 years! We couldn't be more pleased, and my husband has reluctantly admitted that it was our only hope. Our credit score is much better - still not where we'd like it to be - but the best part is that we’ve become very cash oriented. Now we have a few bills we're going to hit with that thousand dollars + a month that used to go to TCA, and we'll then pay off those two years of student loans for both of our daughters. If you can swing the payment plan they lay out for you and adjust to a cash only basis, TCA is probably the best plan for you as well… I have recommended it to several family and friends and will be forever grateful to them.

The way Debt Management Companies like Take Charge America operate is by negotiating your interest rates lower.

Yet, in all the postings about TCA, I haven't seen one mention of the "lower interest rate" that they negotiated for you vs your original interest rate.

Do they not tell you the lower interest rate that you are paying now? And could you tell us what are these lower interest rates compared to your original rate?

 

Peter, please stop posting broken links on the forum. And if you are trying to market a company you work for, this forum is not a place to advertise and you will be banned from the site.