| Not all debt consolidation companies are the same. | | | | consolidation company is to request a monthly |
| Some are in the business of offering you a service | | | | payment quote. By providing information on your |
| to pay off your bills and clean up your credit history. | | | | account balances, interest rates, and creditors names, |
| Others take advantage of your situation and scam | | | | a debt consolidation company can give you an |
| you out of your money. To protect yourself from | | | | accurate quote. Compare this payment with several |
| such companies, compare programs based on their | | | | other agencies. Since all companies will get you the |
| services and promises. | | | | same low interest rate with a creditor, there should |
| Non-profit Versus For-profit | | | | be very little difference between quotes. Anything |
| The only difference between non-profit and | | | | too low is a sign of a shady deal. |
| for-profit debt consolidation programs is how they file | | | | Services Provided |
| their taxes. Some of the largest fraudulent companies | | | | Besides requesting quotes, you should also research |
| claimed non-profit status. However, there are many | | | | the services they provide. Debt consolidation involves |
| legitimate non-profits. Some of these companies are | | | | constant communication with creditors to lower |
| subsidized in part by creditors, reducing fees you | | | | rates, remove late charges, and close accounts. |
| would have to pay. This is especially true for | | | | Companies that fail to mention what they do for you |
| agencies which cater to those with poor credit. | | | | are probably more interested in taking your money |
| Legitimate for-profit companies charge comparable | | | | than servicing your accounts. Also be suspicious of |
| rates, but they usually focus on those who still have | | | | companies that offer debt settlement or bankruptcy |
| a good credit score but are struggling to pay bills. | | | | help. If they are doing their job, there is no reason to |
| Like a non-profit, they can reduce your interest rates | | | | use these credit damaging services. In the end, take |
| for most types of unsecured loans, making | | | | the time to research companies to find one you are |
| repayment easier. | | | | comfortable with. By making the investment of time |
| Monthly Payment Quotes - The Litmus Test | | | | now, you can save yourself headaches in the future. |
| The real litmus test to find a credible debt | | | | |