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Home Page > Finance > Mortgage > Pros and Cons of Non-Profit Debt Consolidation

Pros and Cons of Non-Profit Debt Consolidation

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Posted: Aug 14, 2010 |Comments: 0
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Non-profit debt consolidation companies can handle your debt problems. They work directly with your creditors to reduce interest rates and fees. They also create a payment plan to help you get out of debt quickly, usually in less than five years. Debt consolidation agencies also have their cons. You may find that your credit score drops. And you may also get stung with high fees from an unscrupulous company.

Pros – Quickly Help You Reduce Debt

Debt management companies work to quickly reduce your debt by negotiating with lenders to reduce your interest rates. They can also reduce or eliminate some fees, such as late fees or maxed account balances. You send the debt consolidation company one monthly payment, and they pay your creditors. Once they have paid off one account, they use that money to make principal payments on your other bills.

Pros – Less Headaches Working With Creditors

Debt consolidation companies really take the hassle out of working with lenders. They make the phone calls, arrange for lower rates, and process payments. And their fees are usually quite low.

Cons – Can Lower Your Credit Score

Some lenders will downgrade your credit score if they know you are working with a debt consolidation company. But once your debt ratio is reduced, usually after a year, you will see your credit score improve. This will also make it easier to qualify for new credit.

Cons – Can Get Stung With High Upfront Fees

Most debt consolidation companies have non-profit, 501-C3, status so that financial companies receive a tax advantage for their distributions. So in this case, non-profit does not mean that they are charity organizations. While a company can claim non-profit status, they may not have your best interest in mind. Legitimate debt managers have low monthly fees and can provide you with exact pay off dates for each of your accounts.Unscrupulous companies will charge you a large upfront fee and then not pay your creditors. This can leave you deeper in debt when lenders add late fees to your account balances.

It’s important that you research non-profit debt consolidation companies before you sign a contract. Get in writing quotes on rates, pay off dates, and interest savings.

For more information on Debt Consolidation you can visit: Debt Consolidation Headquarters

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For more information on Debt Consolidation you can visit: Debt Consolidation Headquarters

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