Sunday, March 11, 2007

 

Credit Card Debt Consolidation: Are Non Profit Companies A Good Option?

If your sleek credit card vanity has created a vicious circle of debts around you, then a credit card debt consolidation is the key to get out of it. As almost every family in America has welcome threats from credit card debts, these companies rendering debt consolidation services are as well growing in numbers. Therefore, if you have shown greater dependability in credit cards lately and brought yourself in neck deep pressure of credit card blues, shift your dependability on a reliable debt consolidation company to discard that burden off your neck.

People from all walks of life, from professionals to students, homemakers, and salaried persons are in urgent need to find a good option for consolidating debts that they have generated from irresponsible use of plastic. Now there are some companies that claim to be non profit credit card debt consolidation organizations and offer free services.

With the advent of these non profit organizations seeking to consolidate credit card dues, there are two common questions that come to your mind while selecting an organization to help you consolidate your multiple credit card debts into one convenient payment every month. The questions are:

Q.1 What types of services do these organizations offer for consolidating credit card dues?

Q.2 How to locate a reliable non profit debt consolidation company?

Services Provided By Non Profit Credit Card Debt Consolidation Companies

It is beyond doubt that there are various genuine no profit debt consolidation companies that not only offer valuable guidance to overcome bad debt situations, also offer non profit personalized services. These companies dedicate a panel of professionals who will be assigned to provide you free in-depth analysis of your financial status. After reviewing and assessing your financial status i.e. your income and liability structure and your future goals, these professionals advise you an appropriate debt consolidation solution.

The solution is generally in the form of a loan for consolidating all your high interest and delinquent card accounts into one. These companies would offer such loans either on their own or through third parties.

Besides helping you to take control of your credit cards dues, these companies also take care of different situations that could result in bad credit. These companies help you to plan and make provisions for expenses such as unpaid bills, expenses for children and other household purpose, medical bills, taxes and insurance premiums etc. In short, a genuine non profit debt consolidation company aims to help you in alleviating stress because of improper financial management and create a situation where you can eventually become debt free.

Besides offering consolidation plans for plastic money, these no profit companies also offer loans and advice for bad credit debt consolidation, student loan consolidation, and debt or bill consolidation. Whatever be the quantum and nature of your debt problem, these companies have a solution for you.

The advantage of using a no profit company for consolidating debt is that you receive advice and recommendations that are not clouded by a profit motive. They do not work with a profit motive in mind. Some non profit agencies also schedule sessions and create educational materials for better understanding to help people in handling unmanageable debt situations. This includes tips and suggestions on prudent uses of credit cards and how you can alleviate dependency on these cards and lead a debt free life.

How To Locate Genuine Non Profit Organizations

Given that most of the consumers prefer to entrust the job of credit card debt consolidation to no profit companies, many fake companies have also mushroomed that claim to be non profit agencies for consolidating debt. Such companies hype themselves as no profit organizations to earn credibility from their targeted customers and earn profits. This makes selection process very difficult and many unsuspecting consumers fall into trap of such unscrupulous operators who could prove to be very expensive in the end.

Remember, that a non profit company offers free assessment of your debt status and offers free credit counseling services such as free budgeting and debt management plans. They also negotiate with your creditors for lowering debt pressure including debt amount, interest rates, prolong terms of payments and often persuades the card issues to waive off late fee and other charges.

But, is should not be assumed that a no profit organization would waive off interest rates of the consolidation loan. Before entrusting your case to any non- profit credit card debt consolidation company, carry out searches on the Internet to find if there are any complaints lodged against it. You can also use referrals to verify the antecedents of the company. You should be completely satisfied before you make a decision because it is always better to be safe than to be sorry.


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