Are you stuck under a pile of credit card debt and you feel that there is no way out? It is undoubtedly crucial to deal with your high interest debts but no matter how huge an amount you’ve incurred on your multiple credit cards, there are a number of programs that can assist you in getting rid of your present debt burden.

However, at the present moment there are thousands of people who are trapped in the vicious cycle of debt and therefore the debt consolidation companies are trying their best to deceive the debtors and make money out of their distressed financial state. If you want to avoid being a victim of the debt consolidation firms, you may resort to debt consolidation non-profit companies as they’re trustworthy enough when it comes to assisting you to climb out of debt.

Debt consolidation non-profit companies – Why should you take help of them?

While there are for-profit debt consolidation companies, you may be wondering why you would resort to the non-profit ones. Well, there are certainly some added benefits that you may get when you resort to the non-profit companies. Are you aware of the advantages that you may reap when you get help from a non-profit debt consolidation company? Here are some of them.

• Low fees for consolidating debt: The fees that you usually require paying the debt consolidation for-profit companies are usually high enough and the debtors who think of combining their debt burden are at a loss as they’re already going through a credit crunch. However, when you take help of a non-profit company, the fees are much lower than their for-profit counterparts as such companies are funded by business organizations, local credit unions etc.
• They will offer free debt counseling: The debt consolidation non-profit companies offer free debt counseling to people who are trapped in the debt cycle. The debt counselor will assess your personal finances and make sure that you adopt the right money management techniques so that they can manage their money while repaying debt. Often for-profit companies charge hefty fees for the debt counseling unlike the non-profit ones.
•  They will negotiate with your creditors: The debt consultant working on behalf of the company will negotiate with your creditors and attempt to reduce the interest rates on your credit cards. The interest rates will be reduced thereby following a reduction in the monthly payments too.
• Single monthly payment will replace multiple payments: If you had been making multiple payments on your credit cards, you must be relieved now as you just have to make a single monthly payment to the debt consolidation non-profit company. This payment will be disbursed off to your creditors in due time.

Signs of a trustworthy non-profit debt consolidation company

As there are too many scam companies that are waiting to burn the hole in the pockets of the financially distressed debtors, you must be sure that you’re getting the assistance of the best and the most trustworthy company in the market. How will you know which company is trustworthy and which is not? Here are some things to check.

• The upfront fees: No non-profit debt consolidation companies are supposed to charge upfront fees from the debtors as this is not in accordance with the FTC rules. Choose a company that does not charge any upfront fee before reducing a portion of your debt.
• BBB accreditation: The trustworthy debt consolidation non-profit companies are all accredited by the BBB and therefore you must always check this before committing with them.
• Their non-profit certificate: The IRS awards all non-profit debt consolidation companies with a 501 (3) (c) certificate that proves their non-profit status. You must also check this certificate so that you know you’re working with an authentic company.

Thus, if you’re knee deep in debt, you need not fret as the debt consolidation non-profit companies are there to help you with your financial worries. Make timely repayments to your debt consolidation consultant and facilitate your debt repayment procedure.

by Admilson Jones

Debt Collector Scams And How To Avoid Them

A sour economy means one thing: the most dishonest and creepiest people are fast at work, contriving ways to steal money from the unsuspecting consumer. One scam now going on in West Virginia should catch the attention of anyone who has had a payday loan in the past: some so-called “debt collectors” are calling people up and demanding payment on loans, loans which have long been paid off or were never taken out.

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