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What is Non-Profit Credit Counseling

Have you ever heard of nonprofit credit counseling? If you suffer from debt, then this is a term that you should be familiar with. Why? Well, because non-profit credit counseling agencies can help alleviate your debt.

What is Credit Counseling?

Credit counseling agencies provide an array of services that are geared to help you pay off debt and better manage your finances.
The primary objective of credit counseling agencies is to help you gain control of your finances. Credit counseling agencies provide financial services such as budgeting, debt managements, and bankruptcy and mortgage counseling.
When you work with a credit counseling agency, you are placed with a credit counselor who you will work with every week. You and your counselor will formulate a plan based on your budget.
Your counselor will negotiate lower interest rates, lower monthly payments, and can even help with consolidating your loans and credit cards.

What to Look for In a Non-Profit Credit Counseling Service

If you’re considering contacting a credit counseling service, the following are a few things that you should look for:

  • Non-profit Status
  • Certified Counselors
  • State License
  • Accreditation

Above are just a few things that every legitimate credit counseling service should have. When it comes to financial matters, there are always dishonest businesses that are out to prey on vulnerable consumers. Be vigilant and thoroughly research any company before conducting business with them.
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Conclusion

Living with the burden of debt can be stressful; however, there is help for you. Working with a reputable credit counseling agency can help to make your debt more manageable and bolster your credit score. If you’re using more than 30% of your available credit or have more expenses than income, then it may be time to seek out the help of a credit counseling agency.

​Check out our video on Debt Management & Credit Counseling

Talk to a Licensed Counselor 888-960-5303

17520 West 12 Mile Road Suite 105 Southfield, Michigan 48076

Toll Free: 888-960-5303

Fax: 248-200-2108 9am-5pm EST

National Debt Management is not a loan company, we do not lend money.

Accredited 501(c)(3) Non-Profit Credit Counseling Agency

Michigan License No. 0014319

* Under our debt resolution program, estimates are based on prior results, which will vary depending on your individual program terms and your specific enrolled creditors. We cannot guarantee that we will be able to resolve all of your enrolled accounts or that we will be able to resolve them for a specific amount or within a specific period of time. Not all of our clients will be able to complete our program for any number of reasons, including, but not limited to, their ability to save enough money during the term of their program. Under our program, we do not assume the liability for your enrolled accounts, and unlike our debt management programs, should you choose to enroll in a settlement programs, we do not make monthly payments to your creditors. Failing to make timely payments to your creditors on your enrolled accounts will likely adversely affect your creditworthiness, increase the outstanding balances due to the accrual of interest charges, penalties and late fees, and may subject you to collection actions or lawsuits by your creditors. However, the repayment agreements that we may negotiate on your behalf will resolve the entire outstanding balance on that account, including any interest, penalties or fees accrued during your program participation. Any amount of debt forgiven by your creditors may be subject to income tax, and you should consult with an accountant or attorney regarding the potential tax consequences of paying less than the full amount owed on your enrolled accounts. We do not provide tax, accounting, legal or bankruptcy advice. We are not a credit repair company, and we do not provide credit repair services. You should carefully read all program materials prior to your enrollment to be sure you fully understand the terms and conditions of our program. Our program is not available in all states, and our fees vary by state.

** Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt settlement companies. If we know that to be the case, we generally won’t enroll the account into your program.