When you're unable to tackle multiple bill payments and wish to get rid of them, you can enroll in a debt relief 
program offered by the various debt consolidation non profit companies. These companies offer you services to consolidate your debts at at a lower cost as compared to for-profit consolidation companies.
How does non-profit debt consolidation work?
A debt consolidation non profit program works in a similar way as a for-profit program. The only difference is that these programs are offered by companies that have received a non-profit status from the IRS. When you enroll in a program, a counselor of the company helps you determine your credit needs. Some of the ways a consolidation program helps you are:
How can you find a reliable consolidation company?
When you enroll to obtain service of a non profit company, you must verify its accreditations. Other factors you should consider are:
company, you can not only protect yourself from getting scammed by fraudulent companies but also pay off debts within a short period of time.
program offered by the various debt consolidation non profit companies. These companies offer you services to consolidate your debts at at a lower cost as compared to for-profit consolidation companies. How does non-profit debt consolidation work?
A debt consolidation non profit program works in a similar way as a for-profit program. The only difference is that these programs are offered by companies that have received a non-profit status from the IRS. When you enroll in a program, a counselor of the company helps you determine your credit needs. Some of the ways a consolidation program helps you are:
- Lowers rate of interest: A representative of the company negotiates with all your creditors and helps you lower the rate of interest on your bills. The representative also negotiates to eliminate late charges and over limit fees.
- Convenient repayment plan: The company designs a repayment plan for you based on your financial needs and gets it approved from your creditors.
- Single reduced monthly payment: Instead of paying your creditors separately, you make a reduced monthly payment to the company and they timely distributes the payment among all your creditors. This way you become debt free within 4-6 years.
How can you find a reliable consolidation company?
When you enroll to obtain service of a non profit company, you must verify its accreditations. Other factors you should consider are:
- BBB ratings: You can judge a company based on the rating given to it by the Better Business Bureau (BBB). A company with a higher BBB rating will offer you good quality service.
- License details: A consolidation company is not legally permitted to offer service in all the states. So, before enrolling in a program offered by a particular company, you must check its license details from your attorney general’s office.
- Consumer complaints: You must check if customers have registered any complaint against the consolidation company with the Federal Trade Commission (FTC) in order to verify its service background.
company, you can not only protect yourself from getting scammed by fraudulent companies but also pay off debts within a short period of time.
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