Debt Relief No-Profit Organization

Many Americans are struggling with a high level of debt.  Credit card debt, mortgage loans and car payments are consuming the incomes of many families.  This can quickly get out of control resulting in people struggling to make ends meet.  When this happens  it becomes natural to look for help in the form of debt relief companies.  Before doing so you should understand the difference between "for profit" and non-profit organizations. There are many companies that are offering services for the millions of people dealing with high debt burdens.  There is nothing wrong with a company operating for profit, however it is necessary to know how much their services will cost you.  For example, debt settlement companies will negotiate with your creditors for a lower lump sum payment than you currently owe.  With that in mind many debt settlement companies charge their fee up front which means it will take longer for clients to save money for settlements.  Understand the terms before you sign any contract with a debt settlement company or the following nonprofit organizations. 

Non Profit Organizations 

Credit counseling is a popular form of debt relief.  This is also one of the only non-profit options out there.  People who are deep in debt yet able to make payments should consider this option as it reduces your interest rates while allowing you to repay your debt without filing for bankruptcy.  Legitimate credit counselors can be an immense help to those who need a little guidance and help getting their finances back on track.   



The National Foundation for Credit Counseling offers free and low-cost help from  trained, certified counselors. These counselors assist your individual needs for managing money at the same time offering solutions for current financial problems.  They will develop a personalized plan to help you prevent any future difficulties. Call 1-800-388-2227 to speak to a counselor near you. 

The Association of Independent Consumer Credit Counseling Agencies is a member supported national association that represents non-profit credit counseling companies that provide debt management and financial education services. Call their help line at 1-866-703-8787 for more information. 

Before you call one of these services, gather all of your most recent statements from bills and your banks along with your pay-stubs from work. This will help them help you faster by getting a more precise look at your situation. 

Once you start getting help from one of these organizations, commit to the process and stop using your credit cards or it will take even longer to get out of debt. Instead, only use cash for purchases. This will make you rethink those impulse purchases and save money for other financial goals. 

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