There are many companies that provide a way to consolidate debt by merging all outstanding payments, such as student loans, medical bills, and credit cards, into one low payment with a reduced interest rate.
Non-profit debt consolidation companies are able to provide services, including credit counseling and credit negotiations at no, or little, cost.
Though it will still take time to remove debt, it is beneficial to get advice from one of these companies.
However, it can be difficult to locate a reputable company.
There are numerous companies that state they do not receive profit, but this is untrue.
A "non-profit" label is an easy way to tempt people and make them believe the company has their interests in mind.
According to the Federal Trade Commission, many non-profits abuse this status to violate laws on telemarketing.
Prior to seeking consolidation assistance from a non-profit, ask to see proof, which includes seeing their 501(c)(3), a section of the Internal Revenue Code that states this company is non-profit, and therefore exempt from federal income taxes.
Some non-profits have a fee, but these are often very minimal.
Be aware that if a non-profit service stipulates high fees, is not clear about associated fees, or imposes a voluntary fee that is beyond the means of the individual, then it should be avoided.
Debt takes time to get rid of, so do not trust a non-profit debt consolidation company that guarantees freedom from debt in mere months.
A good company will spend quality time examining finances and give a realistic plan to get rid of debt.
There are many companies available that will enable individuals to be free of debt.
For more information, visit http://www.
mydebtsolvers.
com.