With many ordinary people out there still reeling from the latest financial crisis, one is never too far from a debt consolidation service. From this long list of companies, there is one group made up of firms existing for profit. Then there are the Christian debt consolidation services.
Who are these people and how can they help you? The initial impression may be that they are the good Samaritans and that they will be the easiest and kindest of all people. But before this impression will make you sign up without a second thought, consider these three facts about Christian debt consolidation services:
- They Work The Same Way As Other Legitimate Consolidation Services Christian and non profit debt consolidation counseling services help you by creating a plan for you to pay off your many loans into a single monthly payment. This is how all debt consolidation services –for profit or not – work.
They will negotiate with your creditors on your behalf to arrange for better payment schemes, a task also done by normal counseling services. Some agencies will negotiate with creditors on a per client basis. Others will negotiate for a group of individuals. Be sure to ask how the counselor will be approaching your creditors and decide if this is the best for you.
Like for-profit organizations, Christian finance counseling services will provide the initial financial analysis for free. However, this free service should not compel you to sign up for a plan. The free service should also be complete so much so that you have a good understanding on where you are financially and would be able to start making good decisions.
- They May Include Special Fees
This can be tricky since the essence of being a non profit debt consolidation counseling firm is not earning a single bit of asset. Any fees they add on must cover operational expenses only. But what about special “charitable donation fees?” Many will add on some variation of this term to the monthly payment or as part of the set-up fee. The client has the right to know what this means and where it is going. It also needs to be clear if this is an optional payment or if this can be lowered. Such fees are often pegged at a percentage of the principal debt amount and will depend on the client’s ability to pay.
- They Focus On Faith
Christian debt consolidation services were established to primarily serve Christians or congregation members if ever the service is tied to a particular church. Hence, the service will focus on creating long-term financial stability with strong spiritual foundations. Their work does not stop in helping you reduce your debt. The bigger picture is to help you grow spiritually by being a better steward of God’s blessings.
This type of non profit debt consolidation counseling is best suited for people who are looking for a new perspective in handling money and in life. For Christians, enrolling in this kind of finance counseling will be a move to seriously trusting, obeying and serving God rather than money.
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Consolidating or lumping up all your many creditors into one big loan may be your best move to get out of debt efficiently. The good news is that you are never far away from a finance counseling service. These agencies can be categorized into For Profit and non-profit debt consolidation counseling services.
Both types of agencies look and work similarly: they consolidate all your existing loans into one package, they negotiate with your creditors in getting a lower interest rate or other ways to ease the debt terms, they help get rid of those annoying phone calls from people asking you to pay up.
However, there are a few differences when it comes to non-profit services that will mean a lot to you. Here are the three top reasons why you should opt for non-profit debt consolidation counseling:
- Because You Want To Get Free Financial Advice
Many offer free credit counseling and financial advice without obligating you to sign up for a plan. This feature will allow you to shop around for opinions on how to run your financial life and make better-informed choices.
- Because You Want To Get Rid Of Debt Without Being Taken For A Ride
Many clients in for-profit debt counseling services worry that their counselors are just milking them. Non-profit debt consolidation counseling agencies focus on helping people reach financial independence. And most will at the start seem slightly more affordable than for-profit services. Depending on the debt payment plan, the start-up fee is lowered to help you pay off the consolidated debt sooner.
Income they generate is meant to maintain their office operations and to pay for their staff, and not to make the company richer in terms of assets. Some agencies receive subsidy or funding from private entities. Some Christian debt consolidation services receive support from their church. Hence, you can demand to know where your money is going.
Most non-profit groups will include a charitable donations or contribution add-on to your fee. This is often ten percent of your monthly payments or a fraction of the total debt. But understand that this must be optional. If it is not optional, compare the total fees you will incur with the fees of a traditional for-profit service.
- Because You Want To Stay Out Of Debt
Non-profit debt consolidation counselors will give a lot of energy in helping you stay out of debt for a long time. Incurring and paying off debt is one aspect of your money. Their program will also help you see how money figures in the way you define life. Money should help you, not the other way around.
Christian debt consolidation services in particular help you look at and manage money from a Christian spiritual perspective. Non-profit Christian organizations generally help out Christians and members of their congregation. They also welcome people of different backgrounds, provided that their clients are amenable to learning financial advice based on their faith.
The main difference of not-for-profit and Christian debt consolidation services from their for-profit counterparts is that they their goals are more attuned to the client. As with commercial finance consulting firms, check first with the Better Business Bureau to see if the non-profit organization is legit.
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