sin fines de lucro de consolidación de deuda

The term debt consolidation refers to making one single loan out of several more by addressing to one organization or institution which promises lower interests than the previous creditors have already offered. Many debtors have turned to non-profit debt consolidation or simply debt consolidation considering that having ‘all their eggs in one basket’ will offer them better control over the amount of money they need to pay off and will also lower costs in the long run.

But what they should have become aware of is that while the previous creditors may not have asked them to offer property as collateral, these debt consolidation companies often do so. The risk they run is to have their home or property forcefully sold if it so happens that they are not able to keep making the monthly payments. Basically the newly signed contract made with the debt consolidator stipulates that the property is mortgaged which means exactly what was stated above.

There are many non-profit debt consolidation organizations, however, which promise lower interests, disinterested help and better debt return plans than the regular creditors. They combine several credits into only one and offer lower interests together with free debt counseling. It is only logical that they should offer such free advice since they need to attract new clients and create a more positive image than normal creditors do.

As for the debt consolidation in itself and the lower interest, this is the result of the collateral that customers bring in the new contract they sign. So, if everything seems a lot more simplified and under control, which is a true advantage on the one hand, it may still take a long time to finish paying off your entire debt even if at a lower interest. In addition, the risk that the non-profit debt consolidation agent may bring along is higher than you had before contracting the service considering that you can lose your collateral. Yet, if you are serious and lucky enough to be able to pay the installments you have settled on, you will have less stress as to debt management. So it seems that these consolidators bring both pluses and minuses.

True non-profit debt consolidation organizations offer their services relying on funds that are obtained through various donations. From this point of view they should be highly trustworthy and thus addressed by debtors. But, to make sure that they are indeed as correct as they wish to appear to customers, check for a few signs.

Those who are realistic about the length of time in which you will manage to pay off your debt, who truly stick to their voluntary fees and do not force your hand into paying more than you were initially informed about, who are affiliated to a religion and stick to its cause, and who invest enough time in your sessions to go through your finances, clarify all your misunderstandings and show concern toward your situation, are probably the non-profit debt consolidation agents to pick out of the numerous ones on the market.