In an industry where education is not always a priority, InCharge Debt Solutions offers a vast library of online materials to educate people on financial health and management. InCharge is a registered non-profit that offers debt management services and credit counseling, with a mission to help people get and stay out of debt by achieving financial balance.
Product details
Free consultation. Online form.
Costs. Average set-up fee of $40, and an average monthly fee of $25.
Free resources or tools. InCharge offers a wide range of free educational materials on its website. These financial literacy resources cover topics ranging from budgeting and saving to financial literacy workshops.
Customer service. Phone, email.
Mobile availability. InCharge has a mobile app and fully online credit counseling option. You can manage your entire account entirely from your smartphone.
How much does it cost?
Fees vary by state, with the average set-up fee being $40, and the average monthly fee being $25. Maximum fee amounts are $75 for set-up and $55 monthly. This means that if you pay off your debt in four years after enrolling in InCharge’s debt management program, you could end up paying between $1,200 to $2,700.
How much could I save with InCharge Debt Solutions?
InCharge works to lower your interest rates, resulting in savings for you as your rates are negotiated.
InCharge can lower your interest rates 6% to 9%, and average interest rates for people enrolled in its debt management program are between 8% and 12%.
What are the benefits and drawbacks of InCharge Debt Solutions?
Benefits
Low monthly fees. InCharge charges a low set-up fee and monthly fees that, depending on how long you take to repay your debt, can end up being much lower than percentage-based fees charged by other debt management companies.
Offers quick results. Debt negotiation repayment typically takes 3-5 years, compared to the many years or decades it would take to repay a debt through minimum payments.
Mobile friendly. Change payment dates, update account balances, and manage your information on the I Am InCharge mobile app for iPhone and Android.
Drawbacks
Can lower your credit score. Debt negotiation may adversely affect your credit.
The money you save could still be subject to taxes. You may have to pay taxes on the amount of money you saved on the debts that were settled.
Debt relief companies typically charge a percentage of a customer’s debt or a monthly program fee for their services. And not all companies are transparent about these costs or drawbacks that can negatively affect your credit score. Depending on the company you work with, you might pay other fees for third-party settlement services or setting up new accounts, which can leave you in a worse situation than when you signed up.
Consider alternatives before signing up with a debt relief company:
Payment extensions. Companies you owe may be willing to extend your payment due date or put you on a longer payment plan if you ask.
Nonprofit credit counseling. Look for free debt-management help from nonprofit organizations like the National Foundation for Credit Counseling.
Debt settlement. If you can manage to pay a portion of the bill, offer the collection agency a one-time payment as a settlement. Collection agencies are often willing to accept a lower payment on your debt to close the account.
What does the Internet say about InCharge Debt Solutions?
Although InCharge has been in business for 21 years, there aren’t that many reviews online. But the reviews that are online are for the most part positive.
Clients praise InCharge for providing prompt, accurate service and easy process. There are also a lot of positive reviews on InCharge’s app, which gives users the ability to track payments and monitor progress on their mobile phones.
Negative reviews are centered around costs and agent’s not being upfront and handling customer complaints. InCharge diligently responds to most reviews.
Is it safe to use InCharge Debt Solutions?
Yes. InCharge is accredited by the Better Business Bureau, Association of Independent Consumer Credit Counseling Agencies, and the National Foundation for Credit Counseling.
InCharge also encrypts your personal and financial details with SSL protection.
How do I sign up?
Get started online in three steps:
Go to the InCharge Debt Solutions website. Click on See Your Options Now.
Enter your contact information.
Click Submit.
To sign up with a representative, call InCharge Debt Solutions at 800-565-8953.
I’ve signed up. What happens next?
Wait for contact. InCharge will call you to set up a credit counseling session.
Credit counseling session. In a 25-60 minute credit counseling session, InCharge will determine the root cause of your debt, as well as your budget and monthly payment requirements.
Review and enroll. InCharge will provide you with a recommendation based on your income and debt. If you qualify for the debt management program, you can enroll immediately.
Pay off your debt. Over 3 to 5 years, InCharge Debt Solutions will help you back your debts in full.
What is InCharge Debt Solutions?
Founded in 1997, InCharge Debt Solutions is a 501(c)(3) nonprofit organization offering confidential and professional credit counseling, debt management services, bankruptcy education, housing counseling and educational initiatives promoting financial literacy. InCharge has a large client base, and has helped over a million people repay $2.8 billion in debt.
InCharge is accredited by the BBB with an A+ rating, and a 9.5 TrustPilot rating with 89% positive reviews. Other accreditations include the NFCC and COA.
Bottom line
If you have unsecured debt and have exhausted other options to repay it, a debt management program can be an alternative to bankruptcy. InCharge offers a comprehensive debt management program along with educational guidance to help you stay out of debt once you get back on your feet.
As always, be sure to thoroughly evaluate your options in order to decide on the right debt negotiation company for your needs.
Frequently asked questions
Because you must stop payments on your bills while you are undergoing debt negotiation, there can be a negative effect on your credit. If your creditors report these defaults and settlements, your credit score will reflect that.
Yes. Canceled debt can be taxable as income. Make sure to contact your tax advisor to discuss whether the hardship/insolvency provision is applicable to you.
There is an average set-up fee of $40, and an average $25 monthly fee. Fees vary by state, and are not to exceed $75 for set-up and $55 monthly.
Zak Ali is the Head of Growth for Finder US, responsible for leading collaboration among key stakeholders to grow readership, revenue and brand awareness. Prior to Finder, Zak cofounded a community and news–focused tech startup. Zak's background also includes product management, growth marketing, social media, and web and mobile app design.
If you have debt collectors contacting you about overdue accounts, learn what rights and options you have to work through the process in a suitable way for you.
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