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Less impact on your credit score compared to a for-profit debt relief service. Lower cost than for-profit debt relief. More manageable payment schedules. No need to apply for a debt consolidation loan
If you work with a credit counselor to create a debt management plan, ensure it’s with a non-profit counseling agency. You can consolidate debt through a 0 percent APR credit card or a debt ...
Two types of entities typically offer credit counseling services: nonprofit organizations and for-profit debt management companies. The best fit for your needs will depend on your overall goals ...
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). [4]
A credit counselor or financial advisor can help you understand your options and decide whether debt consolidation is the right choice for your needs. Other Important Things To Know About Debt ...
Debt consolidation, debt settlement, credit counseling and debt management are the most common options. ... These services aren’t free. You’ll be charged a fee — typically between 15 to 25 ...