Non Profit Debt Consolidation-a Boon Or

Debt-Consolidation There are many debt consolidation .panies claiming to make you debt free within a very short time span. Such slogans often appear on the mission list of many debt consolidation .panies. These promises may or may not be authentic and you need to investigate the authenticity of these .panies before you hire their services. Debt consolidation .panies charge fees for giving you a debt free life. Another category of debt consolidation .panies call themselves non profit debt consolidation .panies. These .panies usually derive their revenues from donations they get from different quarters. While some of the non profit making .panies do not charge any fees, there are few who ask for a very nominal fee. As far as the reliability of these .panies is concerned, not all of them are scammers. You can go through their past records and see whether they can be relied upon. Consolidate your debts If you have selected debt consolidation as your financial option for getting out of debt, you have to consolidate or merge all your debts into a single debt account. The non profit debt consolidation .pany will talk to the creditors and work for you till you be.e debt free. A repayment schedule is worked out for you with a more favorable rate of interest. Since the interest rate goes down so does your monthly payment. In due course you get out of debt. Eventually you stop receiving harassing calls from creditors or collection agencies. In other words, you are able to manage debts in a more organized and systematic manner and your credit score increases over time. Non profit debt consolidation scams Recently, there have been a lot of scams involving the non profit debt consolidation .panies. Reports suggest that debtors have .plained to the state Attorney General and the Better Business Bureau requesting them to look into the matter as the number of fraudulent activities involving non profit .panies have escalated over the past couple of months. Some of the .mon .plaints are that despite making payments, the creditors fail to receive any payments or receive a much lesser amount. It is being said that a major portion of the payments made by the debtors actually go into the pockets of the officials at the seemingly non profit making .panies. Experts are of the opinion that if you are not confident enough about hiring the services of a non profit making .pany, you can try to opt for a self repayment plan. In this you gather information about all your debt accounts and note down the outstanding balance of each. Work out a budget and take control of your finances in accordance to that. If you are not sure of the debt relief program you should opt for, take help of a credit counselor who can guide you to choose the appropriate debt solution as per your current financial status. About the Author: 相关的主题文章:

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