Non-Profit Debt Consolidation – A Breather For You

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Much like myself, Sandy is very passionate about getting rid of debts. Please understand that the method below is only to be used if your debts are no longer manageable and you promise not to take on any more debt once your other debts are consolidated.

Debt consolidation is quite a favorite option for debtors to get out of debt. In this regard you should know that debt consolidation non-profit firms play an important role. They help debtors regain their financial freedom and charge low fees for their services as compared to ordinary consolidation companies. So, if you are having problems in managing your debts, you can take the help of a debt consolidation non-profit form.

Debt consolidation – It helps you become debt free

Debts do not seem like a problem as long as you manage to pay them off. However, the moment you start faltering on your payments, you should immediately take action before the situation spirals completely out of control. Debt consolidation helps you to consolidate your many debts into a single one with a lowered interest rate and a smaller monthly payment.

How to choose non-profit debt consolidation firms

If you have decided that enrolling for a debt consolidation program will enable you to gain financial freedom, you can look around for one. But before you decide on any company, you should check their reliability:

  • Free consolidation quotes – Good consolidation companies offer you free consolidation quote after assessing your financial situation. It gives you a clear idea regarding the fees that you will have to pay them and how long it will take you to pay off your bills.
  • Licensed business – Check out whether or not the consolidation company is licensed to do business in your state. Not all companies are licensed to do business in all the states.
  • Certification with the Better Business Bureau – Before choosing a consolidation company, check with the Better Business Bureau or BBB’s records to find out if there are any customer complaints against the consolidation company. You should also try to find out whether or not the organization has got any rankings from the BBB.
  • Offers credit counseling – A good debt consolidation non-profit company should offer you free counseling session. Through the session, the company educates you on how to manage your personal finances more responsibly so that you can avoid debt problems in the future. A consolidation company generally appoints a consultant, who works on behalf of the company to put your financial condition back on the right track.

When you enroll with a non-profit debt consolidation firm, the counselor negotiates with your creditors on behalf of you so that you can enjoy reduced interest rate and consequently lower monthly payments.

Have any of you used debt consolidation companies? What were your experiences?

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Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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