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Non Profit Debt Consolidation – Should You Use It?

September 23, 2011

Non Profit Debt Consolidation

Consolidating your loans with a non profit debt consolidation company can enable one to enjoy many benefits and peace of mind when it comes to the debt that they have. If you are unfamiliar what consolidation does, well, a profit or non profit debt conslidation company basically allows you to take out a loan from them which you pay off all of your other creditors with.

non profit debt consolidation

This process more times than not equates to you getting a lower interst rate because you are now paying on just one debt, the loan they gave you which is a secured loan, which gnerally have much lower interest rates, as well as fixed rates than the rates you pay to creditors. Many times during this process of non profit debt consolidation, your consolidation companys tries and is often times successful at negotiating a lower debt total which means that the original debt you had will be lowered.

Non Profit Debt Consolidation Benefits

The word non profit right off the bat lets you know that they aren’t out to nickel and dime you for everything that you have, non profit meaning that their goal of operation isn’t funded off making profits off thier customers like for profit organizations are. Here are some benefits you can enjoy my using a non profit debt consolidation service.

  • Being that they are funded mostly by grants and donations for large companies seeking tax write offs, your service fees are going to very minimal to nothing at all compared to often times high fees with for profit organizations.
  • Non profit debt consolidation companies not only try to negotiate the debt total you owe, but will also try to negotiate any late fees, annual interest fees and any other additional charges that come with paying to a traditional creditor.
  • Non profit debt consolidation will allow you to not get calls from creditors anymore because your consolidation provider is the sole communicator with them after you start consolidation.
  • Free advice in the form of money management, creating a personal budget as well as free counseling for any questions that you have pertaining to getting out of debt.
  • Consolidation in general offers longer repayment terms which can allow you to pay lower monthly payments because the life of the loan is longer than what you were paying with other creditors. Although this means that you are going to be paying more interest payments, non profit debt consolidation organizations for the most part don’t charge a fee for paying higher than the minimum, so you can always up the payment later on.
  • As you begin paying payments to your consolidator, and they pay your debt off to your old companies you had debt with, your credit will start to go up significantly. This usually takes place after about a year of payment to your non profit debt consolidation company.

Avoiding Non Profit Debt Consolidation Scams

Although non profit debt consolidation can be an awesome method for eliminating your debt, there are often times scams out there, many in the form claiming the are part of a religious organization among others which can be legit or not at all. The below describes how to spot a scam as well as how to avoid them.

  • There are many non profit debt consolidation companies that boast their free or cheap service and it may look like it in their terms as well but it is far from the truth as these scams actually pay a certian portion of your loan payment to your old creditors for profit. The best way to spot this is to first off, before you fill out any personal information, ask them for proof of non profit which comes in the form of a (501(c)(3)).
  • Also a great way to verify if the non profit debt consolidation company you are thinking about working with is part of one or more of the following; The Better Business Bureau who keeps track of all the good and bad consolidation comanpies, or you can check if they are part of the Internal Association of Professional Debt Arbitrators (IAPDB) and/or The Association of Debt Settlement.
  • Talk to friends, credit counselers, lawyers as well as visit online forums to check if the non profit debt consolidation company you are looking to go with is reputable. (This is optional and can be done while you are doing the above methods).

Above all, don’t go with non profit debt consolidation companies who are offereing miraculous debt solutions like getting out of debt within months or something similiar. Usually if it sounds to good to be true, it probably is. By using these methods of spotting scams, you can pick out the good from the bad and settle with an accredited non profit debt consolidation company that will help you get out of debt and stay out of debt.


Debt Settlement Companies – 4 To Use

September 23, 2011

Debt Settlement Companies

Debt settlement companies can provide you with great benefits when it comes to your credit card debt, like reducing your loan debt substantially as well as be able to eliminate your debt in a couple years instead of a couple decades. Settlement, also known as arbitration, is done when debt settlement companies negotiate a reduced amount for you to pay off with your creditors and take a percentage.

debt settlement companies

There are many great debt settlement companies out there that you can utilize on your question of debt elimination. We have 5 great debt settlement companies that you can use asap that are described below. To get you more familiar with debt settlement, we will also provide you with how to choose a good debt settlement company as well as the pros and cons that the act of debt settlement can provide you.

4 Debt Settlement Companies

  • Premier Financial – This one is considered to be the best out of all the debt settlement companies and boast benefits of being able to reduce debt by up to 50 percent, no fees at all for settlement and is a company that was founded by a lawyer and they know all of the laws dealing with settlement in all 50 states.
  • – This is another highly reputable option when it comes to debt settlement companies. Benefits of Forget Unsecured Debt is that they offer elimination of debt in as little as 12 months, no fees for consultation as well as very competitive prices when it comes to service.
  • Cura Debt – Another great option for debt settlement companies to use. Cura Debt offers benefits like enabling up to get up to 40 to 70 percent off debt, get out of debt in as little as a couple of years, money back gaurantee as well as competitive fees at 59 dollars per month.
  • Impact Debt Solutions – This option offers an average debt reduction of around 40 percent, has some of the lowest fees in the industry and has had zero complaints against their service over the past three years.

Debt Settlement Companies – What To Look For

  • Debt settlement companies that are reputable and accredited will be included in the Internal Association of Professional Debt Arbitrators (IAPDB), or accredited by the The Association of Settlement Companies,
  • Avoid the use of debt settlement companies that weren’t established by lawyers, as often times these people aren’t very well versed in laws.
  • Also when looking for debt settlement companies, be sure to find one that doesn’t require that you pay a service fee unless they do get a settlement on your debt, or gives a refund if their attempt fails.
  • Look for service fees that are consistent with what you can afford each month, and better yet search for a company that charges based on the results that they produce for you. So when it comes to payments, look for finding a company that doesn’t require that you pay up front but when they produce the results that they are promising. This will enable you to both make sure they are going to produce as well as proving that they are a reputable company worth dealing with.

Debt Settlement Companies Pros & Cons


  • Payment reductions by up to 50 percent or more.
  • When you start service with debt settlement companies your credit report will not have a delinquent account listed on it anymore.
  • This method is probably the fastest solution to getting you out of  debt.
  • You don not need to pay for a lawyers services as well as it will enable you to avoid bankruptcy.


  • When you pay off yours debt, it will come up on your credit score as a settlement instead of a full payoff which can have a negative effect on your credit score.
  • You have to pay taxes on what the settlement company saved you. So if you initial debt was 18,000 and they saved you 8,000 you will have to pay taxes on this 8,000.
  • It will not work unless you are either way behind on your payments or you have stopped paying completely.
  • Many debt settlement companies only offer settlement on certian types of debt.



The 3 Debt Forgiveness Methods & How To Use Them

September 23, 2011

Debt Forgiveness

There are three methods that you can take advantage of when it comes to debt forgiveness, which if you are unfamiliar with the term, it is when you get a portion of the entire debt wiped away, and never have to pay it. The three different categories of debt forgiveness are; student loans, credit cards as well as mortgages, which we will go into great detail about how debt forgiveness applies to these categories so that you can learn how to get your debt forgiven.

debt forgiveness

Student Debt Forgiveness

Public Service – Student debt forgiveness  also known as student loan forgiveness is available in two main forms, and those are public service jobs as well as community service work

  • Public service jobs which are essentially jobs in areas of low income, are available in many different profession some including but are not limited to; nursing, lawyers, doctors, teachers, military and many more. Debt forgiveness through public service jobs are usually offered in the form of you paying 10 years of on time payments, usually being fairly low because qualifying jobs come with lower payments, which after the 120 payments the rest of your debt will be wiped away.
  • Community Service – Community service student debt forgiveness is offered through many different national organizations like Peace Corps, Ameri Corps and VISTA. Debt forgiveness through this method either comes in the form of the organization paying a percentage of your loan off each year of service, like 15 to 30 percent or providing you a lump payment each year which you can use on your loans, usually being around 5000 or more.

Credit Card Debt Forgiveness

When it comes to credit card debt forgiveness there is one great way that you can utilize to get a lot of your debt pretty much wiped away, that is credit card settlement.

  • Credit card settlement is great for people who are way behind in payments or have stopped paying in general. Debt forgiveness through credit card settlement is done by a credit card settlement company negotiating a lower debt total with your creditors. The act of credit card settlement can result in a total debt reduction of 40 to 70 percent which equates to getting out of debt faster because you now have less debt you have to pay off.

Mortgage Debt Forgiveness

Mortage debt forgiveness which is when a lender takes a lesser payment than what the total amount due was as the final payment. The following information describes the method you can use for mortgage debt forgiveness.

  • The Mortgage Forgiveness Debt Relief Act of 2007 has opened up great opportunity for mortage debt forgiveness. This plan is for people whom because of forclosure have lost their home, or for those who have had their mortgage loans restructured, and can get up to 2 million dollars in debt forgiveness for couples, and one 1 million for for those who are filing seperately. If you are interested in learning more about this debt forgiveness method for mortgages, you can visit this site:,,id=179414,00.html  for more information.

Debt Elimination – 7 Methods to Use

September 23, 2011

Debt Elimination

If you are looking for a plan of attack when it comes to debt elimination, we have 7 of the best methods that you can use that can eliminate your debt fast if applied and get you out of debt for good! There are many methods that you can use to . You can either use one of these debt elimination methods, or multiple and have been used by millions to get out of debt no matter how they got there. Below are the 10 methods of debt elimination.

Debt Elimination

7 Methods of Debt Elimination

  • Save For Retirement – This may sound really wierd, but saving for retirement can really help you with debt elimination in more ways than one. If you save for retirement, the amount you saved is considered tax deductable, which at the end of the fiscal year, you will get a payment for what you saved, which you can use to pay off your debt, as well as use the saved money on your credit card debt as well if you choose.
  • Snowball Payments – Snowballing your payments is another way to eliminate your debt for those who have multiple credit cards. This method consists of paying all the minimum payments on your credit cards except for the one with the lowest balance, which you will pay more than the minimum. This will allow you to focus on chipping away your debt one card at a time instead of being worried about paying them all of at one time. Or if you choose you can switch it up and start with the highest total first and work your way down.
  • Making A Budget – Making a budget of all your expenses will allow you to really see where your money is going each month, and when you have this overview, you can take out things that you don’t really need, like eating out less, finding less expensive entertainment, etc. Don’t eliminate all the good stuff though, only moderate, taking out one thing one month, and bringing it back the next month so you don’t entirely eliminate your favorite thing.
  • Pay More Than The Minimum! – Notice that this one has an exclamation mark on it, because this is a must for debt elimination. Companies don’t set you minimum payment so low because they want you to be able to afford it each month, they do it so it both keeps you in debt longer as well as makes you pay more interest. Paying more than the minimum will bring both a shorter repayment period as well as save you hundreds or thousands in what you would have paid in interest.
  • Stop Paying With Credit Cards – If you can stop using your credit card and just use cash, this can be an excellent way to eliminate debt. When you stop paying with your credit card, whatever balance is left when you stopped will be what you have to pay off, instead of adding the total each month of credit card use.
  • Pay High Interest First – Start by paying your cards off with the highest interest first.
  • Consolidation – Debt Conslidation can be another way to eliminate debt as well as provide you peace of mind that comes with conslidation as it groups all of your credit card debts into one payment. These plans come with lower payments and usually lower interest, which you will want to first find a consolidation company that in fact does offer lower interest than what you are paying on your credit cards. You can also conslidate with one credit card as well and still be able to enjoy the benefits. What this will do for you is provide you with a lower monthly payments which you can increase and pay off faster as well as saving money on lower interest which can be used for debt elimination as well.

If you don’t feel confortable with doing this debt elimination methods by yourself, you can always hire a credit or debt counseler who can help you find the best debt elimination method for you.

Debt Elimination Conclusion

The best thing to do on top of all of these debt elimination methdos is to envision yourself debt free and how it would feel if you were debt free now. There are also great books that you can read on debt elimination, which you can find a certain method that works and stick with it, which is the ultimate key to paying off your debt. By doing this you will experience how it would feel to be out of debt which will motivate you to attain that feeling all the time, and will be your drive in your pursuit of debt elimination.

Debt Consolidation Loans For Bad Credit

September 21, 2011

Debt  Consolidation Loans for Bad Credit

Bad credit can be a major source of stress in peoples lives. It can prevent you from being able to get the car or home that you dream of. Many canʼt afford such big purchases all in one payment so a loan is the only option. Having bad credit however makes your chances of getting that loan slim to none. Debt consolidation loans for bad credit can be a great solution to this problem. A consolidation loan is basically where all your existing payments are merged into one monthly payment. The advantage of this is that it makes it more easy to keep up with your payments and also vastly reduces the amount youʼre paying in interest.

debt consolidation loans for bad credit

There are two types of debt consolidation loans for bad credit. The first of which is called an unsecured consolidation loan. With this type of loan you do not need to put up anything as collateral, such as your car or home. This is a particularly appealing option for those who do not want to take any risk with their home when consolidating their debts. It should be noted that with this type of loan the interest rates are usually higher since the risk for the lender goes up without anything as collateral.

The other type of debt consolidation loans for bad credit option is a secured consolidation loan. As you may have guessed this is where you are required to put up something as collateral. For most people this will mean putting up their home. You should exercise great caution when thinking of doing this as though it may be easy to get the loan your risk losing your home if youʼre unable to make the payments each month.

Many people think that a debt consolidation loans for bad credit will reduce the amount of debt they are paying. This can be true, but the place where you are saving money is in the reduced interest rates thanks to the debts being combined. This is not the only benefit however.

Benefits of Debt Consolidation Loans For Bad Credit

Some of the other benefits include -

• A lower interest rate

• Your debts are made more manageable by being merged into fewer payments

• Lower your monthly payments

Waive late fees

• Avoid bankruptcy

Of course there are other options that people consider when their finances get on top of them. One of the most popular ones is to fie bankruptcy . The would not be advisable however due to the fact the once you file bankruptcy you cannot do it again. This may not seem like a problem but if you were to find yourself with financial troubles again in the future it would not be an option for you. Also when you file bankruptcy it is a matter if public record and could potentially hurt your chances of employment in the future

Since the recession has hit many more people have found themselves with bad credit. Of course it cannot be blamed only on this factor but it certainly hasnʼt helped  situation. Debt consolidation loans for bad credit are on of the best solutions to the problem of mounting and unmanageable debt.

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