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Sunday, February 22, 2009

Bad Credit : Find Help With A Non Profit Debt Consolidation

By Frank Froggatt

Are you drowning in debt--finding it almost unbearable to take a breath? If your finances are so out of control you can't pay your bills anymoreand have gotten so far behind that it is a physical impossibility, without a miracle, to ever catch up, you should earnestly consider non profit debt consolidation services. There may still be options for you.

A debt consolidation services non profit company will provide you with a certified credit counselor. You will be required to hand over any related financial statement and other financial information to the counselor; all past due accounts,balances, and proof of your total monthly income. When you are done with this they will work to establish a payment plan for you to fit your specific situation.

With the plan in hand, your creditors will be contacted to get your bills renegotiated, many times as much as 50% sometimes even more. You will no longer send any payments to your old creditors but it will all be sent as one payment to the debt consolidation company. They take that payment and after subtracting their service fees (which are already included) they dole out the rest to your creditors as per the agreement.

As long as you have done your research on the company and they are reputable and legitimate, you can rest assured that your payments will be made on time--all that you a required to do from now on is send them that one monthly payment; they take care of everything else. You'll get a statement every month so you can monitor your progress and watch your debt disappear.

This is a truly big decision to make, as you can see, having someone else be in control of your finances like that. It is imperative that you research these companies; use good sense and make sure they are listed with and have a good standing in the better business bureau.

The company you choose should also provide opportunities for financial education for those who wish to learn proper money management skills. And programs to teach what credit is really for and how to use it wisely, so you never need similar services again.

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