About Money Fit
cby DRS, a nonprofit, offers debt relief and free financial education. The Money Fit Academy provides Credit Counseling Services to help individuals establish a solid financial future. The organization's debt relief programs consolidate unsecured debt into manageable payments, with reasonable fees for qualified individuals. Active-duty military members receive 100% free debt relief.
Money Fit assists a diverse clientele, addressing various financial challenges, from unemployment to overspending. A debt management program helps clients repay 100% of unsecured debts, including credit cards and medical bills.
As a nonprofit, Money Fit prioritizes financial education, offering valuable information during counseling sessions and free programs for all. The organization's vision is to see clients manage finances independently after overcoming challenges, reflecting a holistic approach to financial wellness.
Key Features
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Nonprofit Debt Relief and Education. Money Fit by DRS operates as a nonprofit organization, offering both debt relief and free financial education programs.
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Money Fit Academy. The Money Fit Academy provides Credit Counseling Services, emphasizing the organization's commitment to empowering individuals with financial knowledge.
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Debt Relief Programs. Money Fit's debt relief programs consolidate unsecured debts, providing reasonable fees for qualified individuals. Active-duty military members receive 100% free debt relief.
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Diverse Clientele Support. Money Fit assists a diverse range of clients, addressing various financial challenges, including unemployment, medical bills, and overspending.
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Debt Management Program. The organization's debt management program helps clients repay 100% of unsecured debts, such as credit cards and medical bills, with negotiations for relief.
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Holistic Financial Wellness Approach. Money Fit's commitment extends beyond immediate problem-solving, aiming to equip clients with the skills and knowledge needed to prevent future financial issues.
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Financial Education Priority. As a 501(c)3 nonprofit, Money Fit prioritizes financial education, offering valuable information during counseling sessions and free programs for all.
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Vision for Independence. The organization's vision is to see clients manage finances independently after overcoming challenges, reflecting a holistic approach to financial wellness.
Pros and Cons
Pros
Cons
How Does Money Fit Work?
They provide a solution to the significant issue of credit card debt in the United States, amounting to around $810 billion as of early 2022. Established in 1996, Money Fit focuses on offering debt management and financial education services to consumers grappling with overwhelming or approaching unmanageable debt. Through established relationships with thousands of creditors and lenders, their debt consolidation program aims to alleviate the burden of unsecured debt, including credit cards, payday loans, collections, and medical bills. By negotiating with creditors, they work to reduce interest rates, lower monthly payments, and eliminate late fees. This immediate relief enhances borrowers' ability to repay their debt in full within a targeted timeframe, often five years or less. While not everyone may require a debt repayment plan, their solutions extend to helping consumers make budget adjustments independently. Regardless of client status, individuals benefit from a free credit counseling session, receiving valuable education and guidance.
Cost
The specific cost of services from Money Fit can vary depending on individual circumstances and the type of assistance required. Money Fit is known for providing reasonable and transparent fees for its debt management programs. However, the organization's commitment to financial education, free credit counseling sessions, and 100% free debt relief for active-duty military members may offer alternatives for those seeking assistance without incurring additional costs.
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 Money Fit
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Credit Card Debt. Money Fit helps clients manage and consolidate credit card debts, negotiating with creditors to potentially reduce interest rates and fees.
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Payday Loans. The organization may assist individuals dealing with high-interest payday loans, providing a structured plan for repayment.
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Medical Bills. Money Fit works with clients to manage and consolidate medical debts, offering solutions to make these debts more manageable.
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Collections Accounts. For individuals facing collections accounts, Money Fit aims to negotiate with creditors to find a resolution and facilitate repayment.
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Short-term Unsecured Installment Loans. Money Fit may help clients dealing with short-term unsecured installment loans, providing guidance on repayment and potential negotiations with lenders.
Risks Associated with a Debt Settlement Srogram
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Negative Impact on Credit Score. Enrolling in a debt settlement program can have a negative impact on your credit score. As you work to settle debts for less than the full amount owed, creditors may report the settlements to credit bureaus, affecting your creditworthiness.
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Accrued Fees and Interest. While working towards a settlement, interest and fees on the outstanding debt may continue to accrue. This can result in a larger total amount owed by the time a settlement is reached.
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Tax Implications. The amount forgiven through a debt settlement may be considered taxable income by the IRS. You may be required to report the forgiven amount as income, potentially resulting in additional tax liabilities.
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Creditor Harassment. During the debt settlement process, creditors may continue their collection efforts, including phone calls and letters. Some creditors may pursue legal action against the debtor.
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Incomplete Debt Resolution. Not all creditors may agree to a settlement, leaving some debts unresolved. This can result in ongoing financial challenges even after completing the settlement program.
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Program Costs. Debt settlement companies typically charge fees for their services, often a percentage of the enrolled debt. These fees can add to the overall cost of resolving your debts.
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Extended Duration. Debt settlement programs can take several years to complete, during which time financial stress may persist. Delays in reaching settlements can prolong the duration of the program.
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Potential for Scams. Some unscrupulous companies may engage in fraudulent practices, promising debt relief but failing to deliver. It's essential to thoroughly research and choose reputable and accredited debt settlement providers.
Reliability
Money Fit by DRS stands out as a reliable and legitimate resource for individuals seeking credit card debt consolidation in the United States. As a certified 501(c)3 nonprofit organization, Money Fit is committed to providing trustworthy and effective services to clients nationwide. The organization's legitimacy is underscored by its compliance with state licensing requirements, ensuring that its operations meet the necessary standards. This commitment to transparency and adherence to regulations enhances the reliability of Money Fit's program. Clients can find assurance in the organization's nonprofit status, indicating a focus on their financial well-being rather than profit motives. To further validate its credibility, Money Fit encourages individuals to explore its licensing information, demonstrating a commitment to openness and accountability in delivering reputable debt consolidation services.
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 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 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 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.Money Fit Alternatives
InCharge
Money Fit
New Era Debt Solutions
Pacific Debt Relief
Editorial Opinion
Important
How to Choose a Lender
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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.
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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.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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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.
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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.
