Non-profit Debt Consolidation Information From The Station
Even if you're not overwhelmed by debt, you most likely have seen or heard ads promising the overburdened nothing less than salvation from their debt woes. "Overwhelmed by debt? Combine all of your payments into one you can afford!", is a common slogan. In the same breath, the ads often mention proudly the non-profit status of the organization. Are these companies the saviors their carefully crafted images suggest? Is there anything special about non-profit debt consolidation companies?
Non-Profit Debt Consolidation - Some Truths
Non-profit debt consolidation firms collect revenue through 'donations.' But as many people have complained to Welsh, the Better Business Bureau and state attorney generals, the consumer is unaware that a portion of their money goes right into the company coffers. "I've had some people tell me they've paid into the program for a year and their debt hasn't decreased at all, says Welsh." In addition, many people who enter such programs with perfect credit have seen their credit rating destroyed due to the late payments of these companies. And the money from consumer 'donations?'
One legal way for company executives to benefit from these 'donations' takes the form of large executive salaries. A recent investigation by Business Week found two companies had paid their executives over $300,000 a year.
Ask Us Questions About Non-Profit Debt Consolidation
As you can imagine, there's no way that you can trust most companies that claim to offer non-profit debt consolidation. Why would any company offer financial help to you without anything going into their pocket? Make sure you investigate any company offering so-called non-profit debt consolidation closely and remember that nobody in this business is there to lose money. You want to make sure that any company you deal with is on the up and up and be aware that by offering non-profit debt consolidation, they're not necessarily offering the best debt consolidation options.
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