Trinity Debt Management Review: Is It Legit?
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Trinity Debt Management: Is It Legit?
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Quick Stats
Trinity Debt Management is a non-profit credit-counseling agency that focuses on aiding individuals and families across several states with their financial problems. Trinity Debt Management offers budgeting programs, credit counseling, and debt management programs.
Trinity Debt Management has been in the debt relief industry for over 25 years. Still, unfortunately, it has not been accredited by the better business bureau and is not a member of the American Fair Credit Council (AFCC). There is currently one closed complaint on the BBB website for Trinity and three unclosed complaints.
Trinity Debt Management offers free credit counseling to help you figure out the best option to manage your debts. These options include budgeting, debt consolidation, and debt management plans.
Budgeting
Trinity Debt Management offers a comprehensive budgeting guide to help you save money yourself. Budgeting is simply a monthly plan that helps you keep track of your expenses.
Steps for a budgeting plan:
- List your income sources
- List your expenses
- Subtract costs from your income
Step 1: List your income sources
The first step you need to take is to list your income sources after taxes for the upcoming month. If you are married or have a partner, you should include their income as well. Social security and disability programs should be added as well. If your income is not consistent every month, calculate your income for the previous year and divide it by 12, so you get an average of your monthly income.
Several budgeting tools can help you list all your income sources, such as mobile applications, spreadsheets, or bank resources.
Step 2: List your expenses
When listing your expenses, you need to start with fixed expenses such as rent, mortgage, or insurance. Next up are the expenses that vary from month to month, such as recreational activities, shopping, or entertainment. It is vital to list and prioritize the necessary expenses first and follow them with the less necessary expenses.
Step 3: Subtract your costs from your income
As you subtract your costs from your income, you figure out if you are spending more than you earn. If that is happening, you can figure out what you are spending a lot on and where you can cut some costs. Then, make adjustments to your budget suitably until your expenses are less than your take-home pay.
The envelope method: The envelope method is a budgeting system popularized by financing expert Dave Ramsey. It’s quite simple and low-tech. With this system, you will be using cash payments for all the expenses you need to pay in person, like groceries, shopping, or entertainment. Next, you categorize envelopes for every expense and put a certain amount of cash in them. Finally, you only use the cash inside for said expense for every envelope until you put more cash in it the next month.
Trinity Debt Management
If you are eligible for Trinity’s debt management plan, Trinity will negotiate with your creditors to pay the full amount you owe with lower interest rates. In addition, they will plan one monthly payment to pay off your debt. Trinity also promises that collection calls will be eliminated as well, and you will be debt-free in 3 to 5 years.
Debt management program promises you a fresh start as you start making on-time payments; your creditors allow you a fresh start for better payment history. This opportunity is called ‘re-aging.’
To apply for the debt management plan, you need to fill the application form on Trinity’s website. The application form requires filling in your personal details and address, in addition to your account type, number, creditor name, and monthly payment, interest rate, and balance.
Trinity promises to get in touch with you in one business day after submitting the application form.
Debt Consolidation
Debt consolidation works similarly to the debt management plans by taking one big loan with a lower interest rate to pay off your smaller debts, so you end up making one monthly payment. Your new loan term could be longer; therefore, the monthly payment will be smaller.
Debt consolidation is regarded as the easiest fixer-upper for debt relief. This is because it combines your many debts into one; nonetheless, it does not address the causes or reasons for having debts, which is why we also recommend budgeting your expenses so you do so not rack up more debts in the future.
There are two types of debt consolidation loans: secured and unsecured. Secured loans require collateral to use against it, such as your home or car; if you do not make your payments, you will lose your asset. On the other hand, unsecured loans do not require collateral.
- Kansas
- Nevada
- New York
- Montana
- Rhode Island
Financial Resources
Trinity offers a pack of financial resources and free education to get you acquainted with:
- Debt relief options
- Home buying and mortgages
- Loan types
- Financial calculators
- E-books
- Podcasts
Customer Support
Trinity Debt Management team is available to contact through e-mail on their ticket system or phone call.
Phone number: (800) 793-9049
Customer support is available from Monday to Thursday from 9 am to 6 pm, and Friday from 9 am to 5 pm ET.
Final Thoughts
Trinity Debt Management does not disclose its fees on its website, and not being accredited by the BBB may turn away any potential customers. Free consultation, though can give you an idea of your best options. Moreover, the free financial resources could be very helpful if you are unfamiliar with debt and loan terminologies.
FAQs
Yes, Trinity promises your credit rating will improve as you make on-time payments with their debt management program.
It all depends on the lender you are dealing with; some may decline seeing you are a member of a debt management program and may regard it as risky to provide with a loan. At the same time, other lenders may provide you one with one seeing as you are working on improving your debt status and credit history.
Trinity's debt management plans last from 3 to 5 years.
No, Trinity does not request any upfront fees and it provides free counseling. Companies who require upfront fees are regarded most times as scams and you should avoid working with them.
Trinity does not disclose a required minimum amount of unsecured debt.
Trinity is not very transparent with its fees, you will need to call them for your consultation and they will tell you then depending of your situation. However, it can be anywhere from $8-$50 per month.
Once you are enrolled in Trinity's debt management program, you should not be getting any calls from creditors. If you still do, Trinity urges you to contact their customer support and inform them.