What is a Non-Profit Consolidator?
Non-profit debt consolidation companies work with you to help eliminate your accumulated debt. They differ from regular for-profit companies in that they do not generate revenue like a normal business. Their employees are paid a salary, but the company itself is not in business to generate capital. The mission statement of a non-profit debt consolidator is to work solely for the benefit of the consumer, helping people find a path to debt freedom. In this manner, you can find help with your debt consolidation, without paying excessive fees to an agency.
When you are looking to rid yourself of your debt nightmare, taking on more debt looking for help just makes no sense. A non-profit debt consolidator could be your solution to your personal debt problems. More importantly, they will also show you what is putting you in debt in the first place, and how to avoid it in the future.
What to Expect from a Non-Profit Debt Consolidator
Much like the time it took to accrue your debt, it will simply not vanish overnight. A debt consolidator will work one-on-one with you to first evaluate your personal debt situation. By examining your debt profile, a debt consolidator will then prioritize your debts from most serious to least. This is typically scaled based on those debts you are carrying with the highest interest being the most serious, and the first debts to be eliminated. The next step will be for your consolidator to negotiate with your creditors directly for lower payoff amounts.
When this has been arranged you will have a new outstanding debt amount. This amount will be lumped together and a loan will be sought out to cover your total amount owed. This loan will be offered to you by your debt consolidator as an easy once-monthly. Most consumers can expect to see a 50-65% reduction in overall debt, and a drastic reduction in the amount of money you will pay every month to cover this debt.
Video: Non-Profit Debt Consolidation
How Much Will a Non-Profit Debt Consolidator Charge?
In general, a non-profit debt consolidator will cost you significantly less money than a typical debt consolidator. They do however; still have to charge you to be able to operate. While fees vary greatly from business to business there is a general range you should expect to pay. Rates are typically based on how large your debt problems are, but can be as low as a $15.00 monthly fee. Other consolidators have a one time fee instead of monthly amounts, and these can vary again depending on how much help you need. The good news is non-profit debt consolidators make most of their money from your creditors, and pass this savings on to you.
Video: Tips from the Pros for Cutting Debt
A Warning on Debt Consolidation Scams
Unfortunately, these days there are many consolidation companies preying on consumers looking for debt relief. The U.S. Government warns citizens about this every increasing problem, and you should be on the look out. Beware of consolidators who ask for large amounts of money before assisting you. Never pay for a consolidation consultation to assess your debt situation, these should always be free.
Use common sense and do not sign any contracts if you feel pressured into contracting the consolidator. Look around for some reputable non-profit debt consolidators such as these:
Leverage My Debt
12014 E Colonial Dr., Suite 110
Orlando, FL 32828
(888) 314-1402
Bank of America Debt Consolidation
2501 Eastbluff Drive
Newport Beach, CA 92660
(800) 432-1000
Franklin Debt Relief
200 S Wacker Drive
Chicago, IL 60606
(877) 274- 1260
Debt Free Christian
413 North Marshall Road
Middletown, OH 45042
(800) 624- 9747
Bank Lady
4701 Cedar Springs Rd., Suite 102
Dallas, TX 75219
(972) 248-7961
American Consumer Credit Counseling
130 Rumford Ave., Suite 202
Auburndale, MA 02466-1371
(800) 769-3571
Money Management International
1 Bangor, Augusta, ME 04330
(866) 889-9347
Debt Consolidation Care
711 S. Carson St. Suite 4
Carson City, NV 89701
(800) 601-1579
Business Partners Group
4340 Leimert Blvd Ste 102
Los Angeles, CA
(323) 290-6171
McDaniel Credit Repair
3009 W 81st St
Inglewood, CA
California Consumer Credit
4216 Fountain Avenue, Los Angeles, CA 90029
(877) 866-3322
Triune Financial Services
3811-J South George Mason Drive
Falls Church, VA 22041
(703) 931- 0431
Credit Recovery Group
700 S 11th Street
Richmond, TX 77469
(832) 595-2526
Balcard
3145 Geary Boulevard,
San Francisco, CA 94118
(866) 404-3694
Consumer Credit and Budget Counseling
1488 W. 16th Street
Marmora, NJ 08223
(888) 838-8233
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