What do you think of when you hear the term nonprofit? Do you think the company doesn't make any money? Some companies make a big deal about being a nonprofit debt consolidation service but does that mean they won't charge of anything? Find out if nonprofit debt consolidation is better than for-profit debt consolidation program.
Not too many people can get by working for free.
This includes employees who work at nonprofit companies.
They need to make money to pay the bills just like you do.
Nonprofit does not mean they do not make any money.
It means they do not make a profit on the services they provide.
They make enough income to pay their expenses.
When you sign up for a debt consolidation program, you usually have to pay an initial fee to get started and an ongoing monthly fee.
The fee can be reduced depending on your income.
It could even be no charge.
This is the same for both non-profit and for-profit companies.
So one type is not better than the other.
There is no distinction between the services each can provide.
The only thing you have to do is find the company you feel most comfortable with.
We are looking into debt consolidation, make sure you get several quotes from both types of companies.
This way you can be sure you're getting the lowest fees on their services.
Whichever type of company you choose know that they also get compensated by the credit card companies they are sending your monthly payments to.
This is known as a fair share agreement.
This is also how they can afford to provide you services for free if you have low income.