First of all I would like to say.........I think ALL of your advice is wonderful!! It has been very helpful to me, concerning different fianancial issues (I'm struggling a bit, financially, right now.........but, your posts seem like there is a 'light at the end of the tunnel' kind of thing). Sometimes,financially, you just don't know where to start, what to take care of first, etc.
It's true that the debt burden is taking a toll on our lives..especially with the young adults. I've heard about quite a few credit repairing companies that have come up in the recent times.
Are the non-profit credit counseling organizations as much effective as the For-profit ones? _________________ Keep in touch
Make sure you are working with a licensed non-profit credit counseling organization that doesn't ask for upfront fees without delivering you any service. However, they can charge a very nominal fee to cover the cost of documentation and other basic things.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.