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Michael Sullivan

Personal Finance Consultant at Take Charge America
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Michael Sullivan, Personal Finance Consultant, is an experienced educator who has played a critical role in building Take Charge America's financial education department. With more than 30 years of financial education and counseling experience, he can offer relevant advice and insight on numerous personal finance topics spanning budgeting, credit, debt, bankruptcy and more.

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  • 2025 Debt Relief: Strategies and Risks Unveiled
    Michael highlights inflation as a key factor in rising household debt. He advises that "paying off debt" is the best relief, with options like hardship relief, refinancing, and credit counseling. He warns against costly debt relief scams and stresses early intervention. Bankruptcy and debt settlement are last resorts, with significant risks and costs. Seek help early to minimize financial strain.
  • Prequalifying for Loans: Key Insights from Finance Expert Michael Sullivan
    Michael explains that prequalifying helps gauge loan approval likelihood without a hard credit check. He notes, "Prequalification is a quick process," and advises checking your credit score. If rejected, review your credit report and lender criteria. Consulting a credit counselor can also help. Prequalification is a strategic step in securing favorable loan terms.
  • Debt Management Plans: A Lifeline for Financial Recovery
    Michael explains that DMPs are for those struggling with unsecured debt but require commitment. Pros include "reduced interest rates" and no credit report damage, while cons involve restricted credit access. To find the best DMP, consult the Better Business Bureau and ensure agencies are accredited. Success hinges on timely payments and open communication with counselors.
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  • "A DMP permits the consumer to make regular payments to the credit counseling agency which in turn makes payments to creditors," explains Sullivan. "Many of these creditors will lower interest rates and/or waive fees for DMP clients, making the payments more manageable. A DMP can last for up to 48 months but will eliminate that debt."

  • A way to get started is by setting up a deduction every payday into a high-yield savings account to help cover emergencies, says Sullivan from Take Charge America. “The initial goal should be to get to $1,000 as quickly as possible to be prepared for the emergency that is almost certain to happen at least once a year.”

  • “Length of credit history represents 15% of the score,” said Michael Sullivan, a personal finance consultant with Take Charge America, one of the nation’s leading credit counseling and debt management agencies. “This is just a measure of how long you have used credit and how long you have had particular accounts. If lenders have stayed with you for a long period of time, it is likely you have earned their trust. If you got your first credit approval last year, no one is vouching for you. History takes time to develop and just as long to change, so this is not a factor that most consumers can easily change.”

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