Non Profit Debt Management And Debt Consolidation
There are several companies available that offer debt consolidation, and some of them have a non profit status with the IRS.
Debt consolidation programs can save you a great deal of time, stress, and money, and in some cases non profit programs are even better.
It is still important to realize that, just because a program is not profit, that doesn't always mean that their services are free.
What it does mean is that any fees you end up paying will be used toward the operating costs of the program, unless of course the organization is abusing its status as a non profit organization, which is not unheard of.
These programs will help you manage your debt in much the same way as any other debt consolidation company.
They will take a look at your financial situation, determine how much you can spend, set up a payment plan, negotiate with your creditors, and you can pay them one low monthly payment each month instead of paying several different creditors all at once.
When the organization negotiates with your creditors, they can typically get you a lower interest rate, a lower monthly payment, and get your late fees waived, if you have any yet.
Since these organizations are non profit, they rely on donations from individuals and businesses looking for tax exemptions.
Some of them will still need to charge you a fee in order to continue operating, however.
Make sure that you do all of your research in order to ensure that the company is reputable.
Just because a company has a tax status as being non profit, that doesn't necessarily mean that they have your best interests at heart.
It is equally important to realize that debt consolidation is not a magic solution that will make all of your debt go a way overnight.
It will still take quite a bit of time, and any organization claiming otherwise is being deceitful.
Nevertheless, it is possible to eliminate debt that would take decades to pay off within a few years.
This is a drastic difference that is well worth the effort.
It will also protect your credit score from further damage, and actually cause it to improve in the long run.
In order to verify that a program is non profit, check to see that they have a 501(c)(3) status with the IRS.
You may also want to check with the Better Business Bureau in order to ensure that they have a good reputation.
Debt consolidation programs can save you a great deal of time, stress, and money, and in some cases non profit programs are even better.
It is still important to realize that, just because a program is not profit, that doesn't always mean that their services are free.
What it does mean is that any fees you end up paying will be used toward the operating costs of the program, unless of course the organization is abusing its status as a non profit organization, which is not unheard of.
These programs will help you manage your debt in much the same way as any other debt consolidation company.
They will take a look at your financial situation, determine how much you can spend, set up a payment plan, negotiate with your creditors, and you can pay them one low monthly payment each month instead of paying several different creditors all at once.
When the organization negotiates with your creditors, they can typically get you a lower interest rate, a lower monthly payment, and get your late fees waived, if you have any yet.
Since these organizations are non profit, they rely on donations from individuals and businesses looking for tax exemptions.
Some of them will still need to charge you a fee in order to continue operating, however.
Make sure that you do all of your research in order to ensure that the company is reputable.
Just because a company has a tax status as being non profit, that doesn't necessarily mean that they have your best interests at heart.
It is equally important to realize that debt consolidation is not a magic solution that will make all of your debt go a way overnight.
It will still take quite a bit of time, and any organization claiming otherwise is being deceitful.
Nevertheless, it is possible to eliminate debt that would take decades to pay off within a few years.
This is a drastic difference that is well worth the effort.
It will also protect your credit score from further damage, and actually cause it to improve in the long run.
In order to verify that a program is non profit, check to see that they have a 501(c)(3) status with the IRS.
You may also want to check with the Better Business Bureau in order to ensure that they have a good reputation.