The organizations that offer non profit debt consolidation are in much demand these days because of their small fee structure. But let us first understand the meaning of a non profit debt consolidation. It is a service or a program which offers debt consolidation for a much lesser fee. The services are the same that is of debt consolidation wherein our entire outstanding balance is combined together to pay off the debts. The agencies that provide these loans also include other services such as debt counseling, planning family budgets and arranging a debt consolidation loan. In addition to these services they also provide debt settlement or debt negotiation where the total debts are reduced and waived off to as much as 50-60%. But one should be careful in opting for these options, as many of these are full of scams and shams. This program was initially designed for people who were unable to pay their debts through the paycheck, and required a smarter way to get rid of the debt burden with additional services. The interest rates for non profit debt consolidation are less than the added charges to carry out a single payment option. But the consumers should be careful not to get into the trap of fraudulent companies; for some of these agencies are more habituated with misusing their non profit status. However, in order to get out of the clutches of debt one should choose a company or an agency of repute and a program which can fulfill their interests and requirements for, not all non profit debt consolidation services function in the same way though they may share the common objective or mission to eliminate your debts. Therefore it is your responsibility to see that the company, for which you have decided to enroll, is able to offer the best program that is suitable to eliminate your debts. These agencies perform their work by partnering with other non profit agencies to avail the benefits of tax write off. You should be cautious to select an agency that claims that their fees are based on voluntary contributions. Furthermore nonprofit debt consolidation provides more benefit by restricting you to accrue further debts.
Overall when you contact your debt consolidation specialist, all your actions and endeavours are carefully designed with appropriate strategies to serve your long term benefits and interests.
Related Non Profit Debt Consolidation Issues
Question by MazdaMatt: What is the best non profit debt consolidation company to use? I have a friend who needs help and I want to make sure he gets the best company to help him. Thanks! Best answer for What is the best non profit debt consolidation company to use?:
Answer by Dale K
Hello! This is a very important choice and can be very daunting. Tell your friend they should stick to a true non-profit company that doesn't charge a fee or take a portion of your first payment for "administrative" charges. I woulds say the most reputable is Consumer Credit Councelling they are chartered in most large citys. Hope that helps. Dale
Answer by OldTimer
Some time ago I needed this service and went through The Consumers Credit Consulars, around Marietta, Georgia. They were very helpful and with there help I was able to clean up all my credit cards and small loans. I did turn in a lot of credit cards and closed numerous accounts, but was very thankful for the help from this group.
Answer by phantom
Be very careful!!! consolidating debt means that they will close your credit cards and you will make one payment BUT it damages your credit tremendously!!!! Tell your friend to call the credit companies himself/herself and strike a deal.
Answer by imadude1134
Stay away from InCharge... They dont help at all, and dont seem to care. The Consumer Credit Counseling was very helpful and knowledgeable... check your area for a local branch
Answer by bdancer222
They all charge a fee. You can do it yourself. Starts with a strict budget. You have to learn to live within your means and give up all the extras, like eating out, cell phones, premium cable and internet, etc. Then you take every penny you can squeeze out of that budget and put it on the highest interest rate debt, while making minimum payments on the rest. When the highest is paid off, move to the next till they are all paid. It should take 2 or 3 years but a little effort can get big results.
Answer by SPIFIMAN1
The best one I know of is Consumer Credit Counseling Services. You can reach them at 1-800-388-2227. They are the largest and oldest non profit credit counseling service in the Country.
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