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InCharge Debt Solutions Offers to Help Consumers Simplify Loan Payments

“We want to help the next generation of potential American homebuyers meet their future goals,” Etta Money.

InCharge Debt Solutions, a 501(c)(3) non-profit company, announced today that it is offering clients access to technology that helps them make loan payments on time and improve their financial health. Freddie Mac is providing a limited number of low- and moderate-income earners with access to EarnUp’s financial technology, which aims to reduce the likelihood of delinquency while improving savings opportunities.

“We’re pleased to offer this innovative solution to our clients,” said Etta Money, president and chief executive officer, with InCharge Debt Solutions. “We want to help the next generation of potential American homebuyers meet their future goals.”

Clients can manage all their loans in one place using EarnUp and receive personalized recommendations on how to pay down their debts. The technology also automatically withdraws money from the clients’ accounts on payday, breaking down expenses into bite-sized payments, which ensures that each person stays current on their loans and avoids late fees.

InCharge Debt Solutions is part of Freddie Mac’s network of 14 Borrower Help Centers and the national Freddie Mac Borrower Help Network. These housing counseling agencies support Freddie Mac’s commitment to preparing prospective home buyers for long-term sustainable homeownership and helping struggling borrowers, including those with Freddie Mac-owned mortgages, avoid foreclosure.

“The increasing rate of consumer debt and the low homeownership rate lead us to believe average Americans can use help managing their debts,” said Danny Gardner, vice president of affordable lending and access to credit in Freddie Mac’s Single-Family Business. “Offering free access to EarnUp’s technology is one of the many ways we’re building on our broader community mission, which includes our efforts to stabilize communities, responsibly expand credit and educate borrowers.”

“Our experience shows that people are more likely to stay current on their loan payments if we make it quick and easy for them to do so,” said Matthew Cooper, co-founder and CEO of EarnUp. “EarnUp is proud to be working with InCharge Debt Solutions and Freddie Mac to provide technology solutions that can help consumers improve not only their credit scores but also their overall financial health.”

News facts:

  • Twenty-two percent of adults say their monthly income varies occasionally, and 10 percent say their income often varies quite a bit from month to month, according to a May 2017 report by the Board of Governors of the Federal Reserve System. Fifteen percent of adults have multiple jobs, and 10 percent are self-employed, according to the same report.
  • Aggregate household debt increased in the first quarter of 2017 for the 11th consecutive quarter, finally surpassing the third-quarter 2008 peak of $12.68 trillion, according to the New York Fed’s Quarterly Report On Household Debt And Credit.
  • The U.S. homeownership rate was 63.7 percent in the second quarter 2017, compared to 62.9 percent in the second quarter 2016, according to the Census Bureau. American homeownership peaked at 68.9 percent in 2005.
  • Founded in March 2014, EarnUp enables payments to 5,000+ banks and loan servicing platforms via its proprietary secure network.
  • Ninety percent of EarnUp’s customers are low- and moderate-income earners, according to an internal study conducted by EarnUp.
  • Eighty-six percent of consumers are automating payments for the first time when they sign up with EarnUp.

InCharge Debt Solutions provides credit counseling, and housing counseling services to consumers and service members in need of financial literacy education, money management guidance, and help finding the right debt solution for their specific situation.

  • Credit Counseling: Certified credit counselors give free, confidential counseling (online or by phone) and offer an alternative to debt consolidation through debt management programs and free budgeting assistance. Call 800-565-8953.
  • Housing Counseling Services: Our Certified Housing Counselors can assist consumers with free foreclosure prevention counseling, mortgage scam assistance, pre-purchase counseling and first-time homebuyer education. Call 800-565-8953.
  • Online Counseling: Free, comprehensive web counseling provides budget building tool, analysis and available solutions from your computer. Visit http://www.InCharge.org.

About InCharge® Debt Solutions

Founded in 1997, InCharge® Debt Solutions is a leading 501(c)(3) non-profit, community-service organization offering confidential and professional credit counseling, housing counseling, debt management, bankruptcy education and general financial education to individuals seeking options to manage credit card debt and consolidate debt payment. The company, accredited by the Council on Accreditation (COA) and a member of the National Foundation for Credit Counseling (NFCC), interacted with over 1.6 million consumers in 2016.

EarnUp is a consumer-first platform that intelligently automates loan payments and identifies earning opportunities for the 200 million indebted Americans. EarnUp puts a few dollars aside for loans when consumers can afford it — then makes timely payments to help consumers save and get out of debt faster. Based in San Francisco, EarnUp is backed by prominent Venture Capital firms Blumberg Capital, Kapor Capital, Camp One Ventures, and Fenway Summer Ventures plus other leading angels and entrepreneurs. EarnUp is a winner of the prestigious Financial Solutions Lab in partnership with JPMorgan Chase Co. (NYSE: JPM) and the Center for Financial Services Innovation. For more information, visit http://www.earnup.com, email press(at)earnup(dot)com, and follow on Twitter @EarnUp.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog.

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Article source: http://www.prweb.com/releases/2017/10/prweb14823438.htm

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