Non Profit Debt Consolidation
Don't despair if unpaid credit card bills leave you feeling anxious and desperate because, like you, many residents in Florida and across the country are getting help from popular debt relief options such as "non-profit debt consolidation." While there is no magic solution that can wipe out your unsecured debts, there are a number of debt relief methods designed to help you manage, control, and eventually, eliminate your debts. One option is debt consolidation (also referred to as a debt management plan or DMP), which will typically consolidate all your high interest debts into a single, more structured, and more manageable payment each month.
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And since money is probably already tight these days, you may want to consider enlisting the services of non profit debt consolidation companies to set you up with a low-cost debt management plan, where a credit counseling agency will make proposals on your behalf to creditors. These creditors, once they understand your financial situation, will likely agree to a more affordable repayment plan.
In many cases, this monthly payment would be considerably lower than what you were currently paying because the proposals made to creditors normally involve lower interest rates and possibly waiving of fees and other penalties that may be on your account.
Keep in mind that debt consolidation or a debt management plan is NOT the same as a debt consolidation loan, which is a loan that typically combines all higher interest debts into one lower interest rate loan. And, be aware of the potential consequences of taking out a debt consolidation loan. While it does work for some people and help them pay down their debts, often people who take debt consolidation loans end up running high interest credit card debts all over again.
The Debt Settlement Option
Debt consolidation also differs from another widely used type of debt relief called debt settlement, where companies will typically agree to "forgive or settle" your debt for a much lesser amount than what you actually owed. Debt settlement services typically advise their clients to stop paying their bills and instead, save up cash, over a period of time, that is then used to negotiate a one-time, lump sum settlement.
Because so many people today are burdened with unpaid credit card debts, the debt relief industry has grown leaps and bounds. And with thousands of debt consolidation companies vying for your business, including non profit companies as well as non profit Christian debt management organizations, we can help connect you with qualified companies that may very well have the right debt reduction solution for you.
Explore your debt relief options. Request a free debt relief estimate and savings analysis, at no obligation to you.
The main thing to remember is, the more informed you are about your choices, the sooner you can regain financial health. While there are many reputable non profit debt consolidation relief services, be aware of companies that may use a "non profit" status to lure consumers into thinking that they have their best interest in mind. Some companies even use religious affiliations in their names to gain your trust.
Debt Relief Safeguards
To safeguard yourself from potentially working with unscrupulous companies - whether non profit or for profit - you may want to look into members of the National Foundation of Credit Counseling (NFCC), the oldest network of non profit debt management companies committed to providing free and affordable services to debt-saddled consumers. True non profit debt consolidation companies usually offer free budget counseling, money management, and debt management plan services, while those that may charge fees (or request contributions) typically keep the rates low and affordable.
And with millions of consumers just like you looking for debt relief, even organizations like the United Way have partnered with and lent their name and credibility to their non profit members that offer debt consolidation services. Regardless of which debt relief service you may choose, we can give you with more details about qualified companies and services focused on helping you eliminate your bills and wipe out your unsecured debts as quickly as possible.
Request a free debt relief analysis and savings estimate in minutes. Start by answering a few, simple questions here.