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Thursday, February 26, 2009

Empty Wallet? Find Help With A Non Profit Debt Consolidation

By Frank Froggatt

Are you submerged underneath your bills--finding it more difficult to stay afloat? If you're in a spiraling cycle of debt and can't get the funds to pay your bills any longerand are falling behind so fast the light at the end of the tunnel is getting dimmer and dimmer, 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 delinquent accounts,balances, and your total monthly income. After you finish that you will receive a schedule of payments designed to fit your budget.

With the plan in hand, they contact all your creditors and negotiate on your behalf to get fees and interest waived and /or reduced, sometimes 50% or more. All the debt that you owe is consolidated into one payment that you send 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've chosen a reputable company, you can rest assured that your payments will be made on time--you do nothing but pay that one monthly bill to the company; everything else is handled by them. You'll get a statement every month so you can monitor your progress and watch your debt disappear.

This is a genuinely big decision to make, as you can see, trusting some company to handle 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.

There should also be opportunities to get educated on the topic of financial responsibility.Be given the opportunity to learn about the correct use of credit and what it is essentially for should also be available.

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