If you’re struggling with repaying your unpaid credit card bills, you should immediately take some important steps to delete your financial worries so that you don’t have to struggle by taking out loans and paying high interest rates.
While some debtors are confident about taking responsible financial steps on their own to reduce their debt burden, some others are dependent on the non-profit debt consolidation firms or their for-profit counterparts so as to be able to repay debts through easy and affordable monthly payments.
You must be wondering why you need to take help of the non-profit debt consolidation firms when you already have for-profit companies. Certainly, there are some advantages that you should consider and if you’re not aware of them, read on.
- Helps you save your dollars: When you’re wondering about the benefits that you may reap when you get help from the non-profit debt consolidation firms, you’ll be pleased to believe that you can save your dollars as they don’t charge you huge fees and service charges. The non-profit firms are run by business organizations and local credit unions and therefore you should be aware of the fact that they don’t charge too high an amount from you. This will ensure debt repayment within your means.
- Debt counseling on your behalf: The trustworthy non-profit debt consolidation companies will also offer you with debt counseling so that they get to know whether or not you need professional help or you can repay your debt on your own. They will check the total amount of income that you earn and the total debts that you owe on your credit card debt accounts. If they feel that you can repay your debts through budgeting and personal finance management, they won’t sign you up with a debt consolidation program.
- Single monthly payment: Instead of making multiple payments to multiple creditors, you just have to make a single monthly payment to the debt consultant. You can thereby save your dollars as you don’t have to split your payments among multiple creditors. You don’t even have to remember the due dates on which you have to make payments to your creditors as now you’ll have a single creditor.
- Lower rates: The interest rates on the debt accounts will be much lower as the debt consultant will negotiate with your creditors in order to lower the rates. With lower interest rates, you’ll have to pay lower monthly payments and therefore you can save a considerable amount of money every month.
Thus, debt repayment can be easily done through the non-profit debt consolidation firms and if you want to save money, this is perhaps the best option for you. Ensure checking the 501 (3) (c) certificate so that you know about the authenticity of the debt consolidation company.