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It Pays to Look for a Good Non Profit Credit Card Debt Consolidation Program

By plrprousers | March 7, 2009

Although you can easily find a non profit debt counseling programs these days, beware; some non profit debt consolidation programs are good and some are just plain bad. The good ones are a little harder to find than the bad ones, so you’ve really got to do your research.

This is the way money is. People who are bad with money tend to hang around others who are bad with money. You probably wonít need a non profit debt consolidation program if youíve been good with your money. If you do find yourself needing a non profit debt consolidation program, you can use these tips to help you find a good one.

Don’t Get Tricked by Bad Debt Consolidation Programs

There are a lot of good companies out there that specialize in non profit debt management programs and debt relief programs for a long time. Their method is to look at your total debt, determine with you what debts you want eliminated, and then write you a check to pay off all that debt. Then, you are required to pay this company back.

This might sound like a good idea, but if you have a good credit rating, it can be a very, very bad decision. Unless you already have a low credit score, you may want to pursue other options. There are better options for you.    Youíll definitely want to look elsewhere if you are looking at paying off credit cards that charge you 20% interest with a loan that charges you 25% interest. If you add up those lower monthly payments over the 10 or 15 years it will take you to pay them back, youíll find that you are paying a lot more than you think! Definitely donít go with this kind of a non profit debt consolidation program.

There Are Good Companies Out There

The best place to start looking for a non profit debt consolidation program is at your bank or credit union. Especially if your credit rating is good or you have good collateral, your bank or credit union should be interested to help you out. They will be compelled to keep you as a customer or they will want to retain you as a new customer. Since this poses a win/win situation for both you and your lender, this is the approach you should attempt first of all. Local lending institutions will know you and care about your overall wellbeing. You arenít going to find that in a larger company who doesnít know you.

We often recommend hiring a debt settlement professional to people who come seeking our advice. For those with little time or energy to devote to cleaning up their debt this can be a great idea. An even better idea (and quick way out of debt) is to do it yourself. If you’re interested in that you must check out Zipdebt. With this one guide I’ve seen amazing results with my clients!

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