ACCC

About Company

American Consumer Credit Counseling (ACCC) is a nonprofit organization, dedicated to assisting consumers in gaining control of their financial lives through credit counseling, debt consolidation, and financial education. Unlike loan companies, ACCC provides Debt Management Counseling, focusing on negotiating lower interest rates and monthly payments, consolidating credit card bills into a single monthly payment, and ending harassing calls from debt collectors.

The Debt Management Plan (DMP) offered by ACCC involves setting up and managing a repayment plan through a non-profit credit counseling agency. This plan includes benefits such as waived fees, reduced interest rates, with the goal of fully repaying debts within three to five years. Clients make a single monthly payment to ACCC, which is then distributed to creditors promptly.

Client testimonials highlight positive experiences with ACCC, emphasizing the organization's professionalism, helpfulness, and patience. The company's services, including credit counseling, bankruptcy counseling, debt settlement, debt consolidation, debt management, and housing counseling, aim to provide comprehensive solutions to those facing financial challenges.

ACCC, accredited by the Better Business Bureau with an A+ rating, has been featured on platforms such as Forbes, Fox News, and USA Today, recognizing its commitment to helping individuals manage credit and overcome financial obstacles.

Key Features

1. Nonprofit Status. American Consumer Credit Counseling (ACCC) operates as a nonprofit organization, emphasizing its commitment to providing financial assistance and education rather than generating profits.

2. Debt Management Counseling. ACCC specializes in Debt Management Counseling, helping clients negotiate lower interest rates, consolidate credit card bills into a single monthly payment, and cease harassment from debt collectors. This service is designed to provide a structured approach to debt repayment.

3. Comprehensive Financial Solutions. ACCC offers a range of financial services, including credit counseling, bankruptcy counseling, debt settlement, debt consolidation, debt management, and housing counseling. This comprehensive approach allows clients to choose the solutions that best fit their individual financial needs.

4. Positive Client Testimonials. The organization boasts positive client testimonials, highlighting professionalism, helpfulness, and patience. Real-life success stories, such as clients successfully reducing their debt under the guidance of ACCC, contribute to its reputation as a reliable financial resource.

5. Accreditation and Recognition. ACCC is accredited by the Better Business Bureau with an A+ rating, signifying its commitment to ethical business practices. The organization has also been featured on reputable platforms such as Forbes, Fox News, and USA Today, underscoring its recognition as a trusted entity in the financial services industry.

Pros and Cons

Pros

Cons

How Does ACCC Work?

Apply for a Loan

1. Contacting ACCC. Dial the toll-free number to initiate the process with ACCC. For a streamlined start, consider filling out the budget form before engaging with a counselor.

2. Scheduling Consultation. Schedule a consultation with ACCC's counselors to discuss your financial situation.

3. Debt Management Program Overview. Gain insights into the Debt Management Program, a structured plan designed to conclude in approximately 4-5 years. Understand that the program's duration is influenced by factors such as the total debt amount, specific creditors involved, and your ability to allocate extra funds as financial stability improves.

4. Detailed Financial Assessment. Work with ACCC to conduct a detailed financial assessment, considering your debt portfolio and individual creditors.

5. Tailoring the Program. Customize the Debt Management Program based on your financial circumstances, with a focus on determining the minimum required program payments.

6. Program Commencement. Begin the Debt Management Program, making regular payments to work towards debt reduction.

7. Monitoring Progress. ACCC will monitor your progress throughout the program, providing ongoing support and adjustments as needed.

8. Completion and Financial Stability. Aim to successfully complete the Debt Management Program within the specified timeframe. Achieve financial stability and consider sending extra funds to expedite the program if feasible.

Cost

ACCC understands the importance of financial accessibility, offering free counseling sessions and budget consultations. Their experienced counselors provide a thorough analysis without any associated fees, assisting you in understanding your financial situation and exploring viable options. For those opting for the Debt Management Program, there is a one-time enrollment fee of $39. However, depending on state regulations or financial hardship, this fee may be waived or reduced, exemplifying their commitment to flexibility and client support. To sustain their services and continue helping enrolled individuals, there is a monthly maintenance fee per account. This fee is set at $7, with a minimum of $7 and a maximum of $70. Similar to the enrollment fee, the monthly maintenance fee can be subject to waivers or reductions based on state regulations or financial hardship. As a non-profit agency, these fees contribute to covering operational costs. ACCC takes pride in maintaining the industry's lowest effective fee structure, with an average monthly maintenance fee for clients standing at $25. This ensures that individuals receive affordable and comprehensive support on their journey to achieving financial well-being.

Additional resources

To learn more about debts and best practices, check out some of the following resources:

• Debt Consolidation Companies
• Best Debt Consolidation Loan Options
• Federal Debt Relief Agencies
• Debt Consolidation Loans for Bad Credit
• Top Debt Consolidation Loan Companies
• Consolidate Payday Loans With Bad Credit
• Credit Card Consolidation Loan Providers
• Student Loan Debt Relief Providers

Types of Debt Settled by ACCC

1. Credit Card Debt. ACCC specializes in negotiating with creditors to reduce interest rates and consolidate credit card debts into manageable, structured repayment plans.

2. Medical Bills. For individuals facing medical debt, ACCC can work with healthcare providers to create manageable payment plans and potentially reduce the overall amount owed.

3. Personal Loans. ACCC may assist individuals in managing and repaying unsecured personal loans through debt consolidation and negotiation with creditors.

4. Collection Accounts. Clients with accounts in collections can benefit from ACCC's expertise in negotiating with collection agencies to establish realistic repayment plans.

5. Certain Unsecured Debts. While ACCC primarily focuses on credit-related debts, the organization may provide guidance and assistance with other unsecured debts on a case-by-case basis.

Risks Associated with a Settlement Program

1. Negative Impact on Credit Score. Entering a settlement program typically involves stopping or reducing payments to creditors. This can result in negative entries on your credit report, leading to a lower credit score.

2. Accrued Fees and Interest. While negotiating with creditors, interest and fees on the outstanding debt may continue to accumulate. This can result in a higher total debt than initially owed.

3. Unsuccessful Negotiations. There's no guarantee that creditors will agree to settle for a reduced amount. If negotiations are unsuccessful, individuals may find themselves in a worse financial position than before, having incurred fees and negatively impacted their credit.

4. Tax Implications. The forgiven debt in a settlement may be considered taxable income by the IRS. Individuals could be responsible for paying income taxes on the forgiven portion of the debt.

5. Creditor Harassment. While in a settlement program, individuals may experience increased creditor calls and collection efforts, as missed or reduced payments can trigger aggressive debt collection actions.

6. Incomplete Debt Resolution. Settlement programs may not address all types of debt, such as secured debts or certain unsecured debts. This leaves individuals with remaining financial obligations even after completing the program.

7. Lengthy Process. Debt settlement programs can take several years to complete. During this time, individuals may face financial uncertainty, and the extended duration could impact their overall financial well-being.

8. Impact on Future Credit Opportunities. A settlement may stay on an individual's credit report for several years, impacting their ability to secure favorable credit terms in the future, including loans or credit cards.

Reliability

The reliability of American Consumer Credit Counseling (ACCC) is underscored by its accreditations and ratings. ACCC is accredited by the Council on Accreditation (COA) and is a member of the National Foundation for Credit Counseling (NFCC), showcasing its commitment to industry standards and best practices.

With an A+ rating from the Better Business Bureau, ACCC demonstrates a strong track record of customer satisfaction and ethical business practices. Clients can directly access ACCC's Reliability Report for a transparent overview of the organization's performance.

ACCC's financial stability is further supported through voluntary Fair Share and Grant contributions from creditors participating in the Debt Management Program. It's noteworthy that ACCC collaborates with all creditors willing to accept their payments, irrespective of whether financial support is provided. This commitment ensures that clients receive comprehensive benefits and services, enhancing the overall reliability and effectiveness of ACCC in assisting individuals on their path to financial stability.

ACCC Alternatives

InCharge

InCharge Debt Solutions is a leading nonprofit organization dedicated to providing individuals and families with professional debt relief services. They offer a range of Vermont debt relief programs, including debt consolidation and credit counseling, to help Vermont residents regain financial stability. With a strong commitment to financial education, In Charge equips clients with the knowledge and tools needed to make informed decisions about their debt. Their approach combines personalized counseling and practical debt relief strategies to pave the way towards a debt-free future.

Money Fit

Money Fit is a reputable nonprofit financial services organization that specializes in debt relief and credit counseling. They offer a holistic approach to debt management, helping clients create customized debt repayment plans while also emphasizing financial education. Money Fit's debt management programs are designed to reduce interest rates and make debt repayment more manageable, allowing clients to regain control of their finances. Their commitment to client success and ethical debt relief practices has earned them a solid reputation in the industry.

New Era Debt Solutions

New Era Debt Solutions is a well-established Vermont debt relief company that specializes in Vermont debt settlement services. They have a track record of negotiating with creditors on behalf of their clients to reduce the total debt owed. New Era's debt relief approach aims to provide clients with a path to financial freedom by helping them resolve unsecured debt more efficiently. With a focus on affordability and transparent communication, New Era Debt Solutions offers a strategic way for clients to break free from the burden of unmanageable debt.

Pacific Debt Relief

Pacific Debt Relief is a renowned debt settlement company that focuses on helping individuals who are struggling with unsecured debt. Their expert negotiators work to reduce the overall debt burden by reaching settlements with creditors. Pacific Debt Relief's commitment to personalized service and transparent communication sets them apart in the debt relief industry. They provide clients with a structured plan to alleviate debt stress and pave the way towards financial recovery, ensuring that clients are well-informed and supported throughout the process.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Sources

• consumercredit.com

• American Consumer Credit Counseling, Inc.bbb.org