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Non-Profit Debt Consolidation - New York

As much as the exorbitant cost of real estate or the swarm of people flocking to Times Square, credit card debt and something called "non-profit debt consolidation" have become more a part of life for many New Yorkers as well as consumers elsewhere. If you are also experiencing financial difficulties and are struggling with credit card debts, you may be interested in finding out how much savings you can potentially get by consolidating your debts.

Debt consolidation, or a debt management plan (DMP), allows you to make one, consolidated, and more affordable monthly payment to a credit counseling agency. For those looking for debt relief these days, it has become relatively easy, to find a reputable consolidation company - either "for profit" or "non-profit" - to help you manage your credit card debts and other types of unsecured debts (like medical bills, department store charges, or utilities).

Another option available for many consumers is a debt consolidation loan, where you can pay off your credit card debts with one, lower interest loan. Many consumers have made these options popular alternatives to bankruptcy, which has a more damaging and longer lasting impact on your credit.

If you want to find out your debt relief options, answer a few, simple questions to get a free debt relief analysis and savings estimate.

Debt Consolidation Loan Risks

As mentioned earlier, debt relief (including non-profit debt consolidation) has helped many consumers reduce their credit card and unsecured debts, and in some cases, may even help those with bad credit get their finances back on track. In New York, where the average debt amount is typically upwards of $15,000, credit card debts have become a serious problem.

If you are also struggling with unmanageable debts, one option available is a debt consolidation loan. Debt consolidation loans typically involve combining high-interest credit card debts and other unsecured debts into one, lower interest loan.

However, a debt consolidation loan involves taking unsecured debt and paying it off with funds that come by way of a "secured" loan, meaning, a loan where you would have had to put up your home or other asset to get approved. Here is where a debt consolidation loan can present a new challenge.

Many consumers who get approved for debt consolidation loans typically do not have the discipline to stop using their credit cards, and eventually, they start accumulating new, high-interest charges As a result, many of these consumers end up having to deal with new credit card debts on top of their personal loan.

Debt Consolidation - A Better Alternative?

Debt consolidation through, for instance, non-profit credit counseling on the other hand, is fundamentally different from debt consolidation loans. What relief through debt consolidation (without loans) involves is combining, or consolidating, your high-interest credit card and unsecured debts into a single, more manageable, and more structured monthly payment made to a credit counseling agency.

When you enroll in a debt consolidation program, credit counselors review your outstanding debts, finances, and overall ability to pay your debts. When they have a clear picture of your financial situation, credit counselors will generally develop a game plan that can help you reduce your debts.

What this typically involves is submitting proposals, on your behalf, to your individual creditors asking for reduced interest rates, or the waiving or elimination of late fees and other penalties. Creditors that agree to these proposals are placed into the debt management plan.

The goal of debt consolidation is, as mentioned earlier, to get you on a single, more manageable, and more structured payment plan so that you can reduce your credit card and other unsecured debts sooner than if you only continued to make the minimum monthly payments at higher interest rates.

Know Your Consumer Options

The bottom line is, regardless of the debt relief method (i.e., non-profit debt consolidation, consolidation loans, or debt settlement), as a consumer, it is always wise to understand the pros and cons of each, understand how long it will take for you to realize your savings, and the potential impact to your credit.

Take the time to do your due diligence when choosing a debt relief service so that you can be well on your way to reducing your debts.

Compare your debt relief options. Request a free debt relief analysis and savings estimate. - start here.

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Creditors calling?

When you're falling behind with credit card debts and creditors are calling – it feels great to know that there's a debt program to lower your payments and get you out of debt much faster than you ever imagined.
Who we're helping right now...
$30,000 debt relief savings estimate
– Clanton, AL

Unexpected bills

Credit card debts and unexpected medical bills can put you in a real bind. Fortunately, debt relief plans can reduce interest rates, lower monthly payments, and help you get out of debt faster.
Who we're helping right now...
$30,000 debt relief savings estimate
– Clanton, AL

A brighter future

When you work hard to provide a bright future for your children, you don't want high interest credit card debts to get in the way. You need a proven path to become debt free as quickly as possible.
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$10,000 debt relief savings estimate
– San Diego, CA

Debts piling up

When you own your own business, it's easy for credit card debts to become a problem – bills piling up, creditors calling, and you need a way out. The good news is, debt relief can help you save money each month and take control of credit card debts.
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$90,000 debt relief savings estimate
– Pittsburgh, PA

Supporting a family

Credit card debts can add up quickly, especially when families run into unexpected expenses like medical bills, or loss of a job. The good news is there are credit card debt hardship programs that can help you.
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$35,000 debt relief savings estimate
– Albuquerque, NM

Financial hardships

When you go through tough times and credit card debt start closing in on you – it feels good to know there are debt hardship assistance programs to help you get back on track.
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$20,000 debt relief savings estimate
– Opelika, AL

Retire debt free

When you're planning for retirement, paying monthly credit card minimums will get in the way of your dreams. The good news is, credit card companies may be willing to reduce your interest rates, waive late fees or even settle debts for much less than you owe.
Who we're helping right now...
$50,000 debt relief savings estimate
– Globe, AZ