PostHeaderIcon Hi, Is there really such a think as a nonprofit debt consolidation company? Are any even reasonably fair?

I’ve called several companies who consider themselves not-for-profit but when I talk to their reps, they start throwing out different fees which definitely are above common administrational costs. A couple of other companies I’ve called are somewhat reasonable with their fees, but the interest rates are bad. It seems as though they’re supporting themselves through whichever financial institution ends out loaning the money. Maybe I’m wrong and just haven’t found the right company??

Does anyone know of ANY debt consolidation companies that are reasonable? Low, fixed interest rates, no penalty for early payment of the loan, no hidden costs, etc.?

Any help you could give would be very much appreciated!


7 Responses to “Hi, Is there really such a think as a nonprofit debt consolidation company? Are any even reasonably fair?”

  • jenn says:

    consumer credit counsling seems well. i use them. small fee though like 50$

  • inthewind99 says:

    please listen and look at this site:

    Most of those debt consolidation places hurt more than help.

  • Scott C says:

    You want to avoid any kind of debt consolidation company (profit or non-profit). Many of these companies will take over your payments, then not make them for a period of time. Afterwards, they will try to settle the debt with the creditors.

    A debt consolidation company will TRASH your credit!

    Instead, get out of debt yourself. Then, you’ll learn how to manage your money.

    Consider the following:

    1) Get on a written budget and use cash where you tend to overspend (groceries, eating out, etc.)

    2) Get $500 – $1,000 in the bank fast to take care of emergencies that will come up.

    3) Sell stuff and take on extra jobs to generate money to put towards debt.

    4) List your debt smallest to largest by balance and attack that smallest debt. Make minimum payments on all other debt. Once you get the smallest debt paid off, apply that money to the next debt. You’ll gather momentum as you eliminate debt quickly using this method.

    Contact me directly if you need specific help. I’ve been helping families for 2 years get out of debt.


  • Bill says:

    Hi –

    I used Consolidated Credit Services ( a long time ago) and they charged $3 per month, per creditor. So it was, for me, $9 per month. That was pretty fair considering they saved me HUNDREDS in interest monthly on my $28,000 in credit card debt.

    They really helped me pay off the credit cards and it gave me a new mindset which has helped me stay out of debt now for 5+ years.

    They changed their name mid-way through my work with them to Genus. Website is listed below. Hope this helps…

    By the way. Being on their system of payments was not like one of the answers posted. My credit was not hurt at all and they did not try to get the credit card companies to take lower amounts by not paying them. They did, however, get all of the companies to take 0% – 1.5% interested instead of 8-9% interest. I paid back the entire balance for each and every card.

  • butterrose says:

    Im using credit one services right now, but the company that is part of them is consumer education services which i like, but i think what u pay monthly is based on what state u live in i live in cali and i only pay $23 a mo. hope this helps.

  • Gillian G says:

    There are ways of approaching this problem but there are also a lot of scams. First, you need to find out which type of debt consolidation would suit your circumstances, and second, you need to find a company which will deal with you fairly. People who lend you money will rarely do it for free, so you must be prepared for some costs.

    My advice is to first speak to your bank. This will be free. Explain your circumstances and ask their advice. You will not be the first person to ask these questions and they should be able to recommend a solution. If they don’t want to lend you money they could put you in touch with a suitable lender and advise you how to go about obtaining a loan.

    If you are a church-goer, there may be a Christian debt relief organization that may help you.

    And don’t forget that while you’re researching your options, you must be putting into place a personal financial strategy so that you’ll end up paying off your debt, not getting deeper into the abyss. There’s more information on this website.

    Good luck.

  • Kelly M says:

    Check out Debt Management Loan Consolidation Resources.

Leave a Reply

Powered by Yahoo! Answers