Debt Consolidation Non Profit - Learn about the most effective way to get out of debt...
If you have found yourself, like many, in the middle of a bad financial situation, and you are finding it impossible to keep current on your credit cards and other unsecured accounts, you are most likely considering a debt consolidation non profit program.
You really need to read this article to get a better understanding of the programs available to help you so that you can find the right program to effectly provide the debt relief you are seeking.
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The total amount of credit card debt you have, $10,000, $30,000, $60,000, or more, does not matter - there is an effective solution for YOU. Here is some very important information to help you understand the differences between debt consolidation non profit and for profit debt consolidation and settlement programs.
Don't continue to do nothing, because the problem will only get worse if not corrected...
What is debt consolidation non profit?
A non profit debt consolidation program is one that will claim to lower interest rates and provide you with a single low monthly payment to get you out of debt in approx 5 years. They also clain that this type of program will not harm your credit, and that you will save hundreds if not thousands on interest payments. These program are often referred to as consumer credit counseling programs or just simply "credit counseling". Most, if not all of these companies are non profit because that tax status allows them to receive kick-backs in the form of "donations" from the credit card companies.
Now, if everything worked as described above, this would be an appropriate program for many who find themselves in moderate level of financial hardship. However, reality is a completely different thing. Over the past 5 years, these non profit programs have become less and less effective. In fact, nearly 80% of those who enroll, fall out of the program within the first 18 months. The reason is that many credit card companies are no longer willing to participate by reducing interest rates to the level requested, and even when they do, they often will not maintain that new lower interest rate. The result of this, is that the customer is told to pay an even higher payment or the interest continues to accrue with additional fees and penalties. There is also the matter of missed payment due dates as well as the "real" negative effect on your credit. If you enroll in a credit counseling program, you will soon find that each creditor has added a note to every credit tradeline on your credit reports that says, "account in credit counseling" or "paid through credit counseling". This added code make you virtually "untouchable" for anyone evaluating you for credit. You will find it impossible to get any loans, refinance, or even get credit cards, as well as see increased in insurance rates while you are in this program.
With all that said, there are other better options for truly consolidating and settling the debt permanently in a much shorter time-frame. Although all debt management options will have some negative impact on your credit, the best plan is to choose the option that will get the debt taken care of and get you back on your feet in the shortest time possible; which brings us to the other option...
What is Debt Consolidation and Settlement?
A consolidation and settlement program is similar in that is will provide a new low monthly payment, but that payment will be deposited into a settlement savings account for you each month while you are not able to make your required minimum payments to your creditors directly. As this savings account continues to grow, professional negotiators work on your behalf with your creditors to communicate your hardship and settle the accounts for less than the balance owed. Settlements can either be paid in full out of your settlement savings account, or sometimes paid over 3-5 payments. One at a time, each account is negotiated and settled during the course of your program. These programs typically will settle all your accounts within 36-48 months and have you completely out of debt quickly. In total you can expect to pay about 60-65% of your total owed, including all fees for the service. This is a significant savings over other programs.
What type of debts are accepted and who qualifies?
A debt consolidation settlement service can only settle credit card debts, medical bills, and unsecured personal loans and lines of credit. They cannot settle secured debts like home mortgage loans and auto loans. They're also unable to settle student loans, IRS debts, legal judgments, and government loans. It is considered to be the fastest and least expensive method to get out of unsecured debt problems. It is an aggressive approach to reducing debt and is best suited to those who are under significant financial strain and cannot continue to pay their required minimum payments.
Think about what's at stake here...
Your independance. Your dignity. Your family's security and well-being.
Isn't it about time that you took control of your life - before it all unravels and you lose everything?
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