Non-Profit Debt Consolidation

Not all Non-Profit Debt Consolidation Agencies are What They Claim

Debt consolidation is a thriving industry these days. We are a nation of debtors and too many of us took on the debt before learning how to manage it. These companies exist not only to help their clients, but all too often to prey on their misfortune and make a profit. If you're considering this as an option, you should be aware that not all non-profit debt consolidation agencies are in fact not-for-profit.

In recent years American bankruptcies have grown by leaps and bounds. In many cases, people apply for credit cards and other loans, without taking the extra steps of creating a budget and determining how much they can afford to pay each month. As a tactic to try and slow this trend, the Federal Trade Commission (FTC) came up with a plan for those with out-of-control debt. They've made it mandatory that before filing for bankruptcy, the consumer must take part in a credit counseling program. Many of these businesses now advertise as non-profit debt consolidation companies and claim to offer counseling. The unsuspecting clients often end up with more debt than they walked in the door with.

As a matter of fact the Internal Revenue Service (IRS) and many state consumer protection departments are actively investigating many non-profit debt consolidation services. That's because the majority of them are using the designation illegally and are actually realizing huge profits from their activities. They charge high fees and interest for their services and often make late payments, resulting in even worse credit records for their clients.

A valid not-for-profit debt consolidation agency would help consumers combine their bills into one for which they'd make one monthly payment. They would also work with the client to help them learn how to manage their finances. For example they would advise them as to which bills to work on first, open a savings account for emergencies, and not to charge more than they can afford to pay. Although they may charge fees, they would not be exorbitant nor allow them to make more than operating expenses from the transactions.

You can learn to handle your money responsibly. There are numerous articles and tutorials on the Internet providing excellent tips. You can also sit down with a responsible lender or trusted friend or relative and learn financial management techniques. Your goal is to get financially healthy…not more debt-ridden.

Our team has pre-screened non-profit debt consolidation agencies to bring the best partners to you. To find a trusted debt consolidation specialist who can aid you in developing a personal debt solution, fill out and submit the form found on this page. They can help ease the burden of your debt and help you begin building a healthy financial future.

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