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Nonprofit debt consolidation and for-profit debt consolidation have several important differences. The financial objectives of the companies Nonprofit credit counseling agencies are not focused on ...
Credit counseling comes in the form of both for- and nonprofit agencies. If possible, avoid turning to a for-profit credit counseling company first, as these are basically another form of debt ...
DMPs are created and managed by credit counseling agencies — nonprofit organizations that offer advice and actionable solutions to people who need help with budgeting and/or debt.
Money Management International was founded in 1997 by six financial consulting organizations that were members of the Consumer Credit Counseling Services (CCCS) network. [1] Money Management International is a non-profit organization that works to help people effectively manage their finances and increase their financial literacy. [8]
Credit counseling is most often done by Credit counseling agencies that are empowered by contract to act on behalf of the debtor to negotiate with creditors to resolve debt that is beyond a debtor's ability to pay. Some of the agencies are non-profits that charge at no or non-fee rates, while others can be for-profit and include high fees.
In 2017 the NFCC extended its service beyond the United States by adding its first International Affiliate. The Credit Counselling Society, Canada's largest non-profit credit counseling organization, became the first International Affiliate after becoming certified by the Council on Accreditation (COA).
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