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Monday, February 23, 2009

Bad Credit : Seek Out A Non Profit Bill Consolidation

By Frank Froggatt

Are you submerged underneath your bills--finding it almost unbearable to take a breath? If your finances are so out of control you can't pay your bills anymoreand 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.

When you get in touch with this company they will provide you with a certified credit counselor. Your counselor will need all of your financial information; all delinquent accounts,balances, and you gross income you receive in a month. After you finish that you will receive a schedule of payments designed to fit your budget.

When the plan is made, They get a hold of all of your creditors for you and work to get all of the fees and interest penalties and fees waived, oftentimes by more than 50%. You will no longer send any payments to your old creditors but it will all be sent as one payment 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 have done your research on the company and they are reputable and legitimate, they'll make sure that all of your bills are paid on time--you do nothing but pay that one monthly bill to the company; they take care of the rest. They will send you a monthly report so you can watch yourself progressively climb out of debt.

As you can see this is a big step to take, trusting some company to handle your finances like that. I can't overstate the value in doing your research on these companies before dealing with them; make sure that all of the consumer reports listing for the company are good and they are favored with the BBB.

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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