There are many companies that offer debt help, but they do not all have non profit credit card debt consolidation as one of their debt relief options. There are two types of debt consolidation companies one type offers loans and the other type offers non profit credit counseling. Since a debt consolidation loan is normally secured with your home, this is not a good option for getting out of debt. You are already having financial problems and securing your credit card debt with your home should be a bigger risk than anyone is willing to take.

The best way of consolidating unsecured debts is by using a debt counseling company. These companies are non profit and are in the business of helping people get out of debt. They not only can set you up on a debt management plan, but they do have resources for teaching you how to better manage your money. They will teach you how to budget and how to prepare your finances for the future. For a person that feels overwhelmed by debt, contact a non profit credit counseling company is a good place to begin the debt relief process.

Most consumer debt can be enrolled in a debt consolidation program as well as some other unsecured debts. The interest rates of the debts in the program are reduced to 10% or less. Some lenders will even eliminate the interest on what is owed to them and collect only the principle amount of the balance. Any fees being accessed on the accounts will stop once they are enrolled in a debt management plan. These two things will save a great deal of money and as a result the accounts will be paid off more quickly.

As long as you are able to make a payment equal to 2% of the balance enrolled in the plan, you will be debt free in less than five years. If you make that same 2% payment at your current interest rate, you will be looking at a repayment period of more than 10 years. The credit card accounts enrolled in the plan will be closed once they are repaid, but you will still remain credit worthy. As long as you make your payments as agreed, you should be able to get credit again without much of a problem.

If you have debt, it is important that you take steps to eliminate it. You are throwing away the money you are making in interest payments. Many lenders have reduced credit limits, closed No prescription cialis accounts and increased interest rates for no reason and without warning. These are not things you can control, but you can put yourself in a position where you are not affected by these things and that is by paying off your debt and not needing to rely on credit cards.

Author Bio: Marjorie is an author that enjoys writing about health and finance. You can visit her latest publication at free credit card debt relief. Also, find information on how to get out of debt.

Category: Finance
Keywords: Nonprofit credit counseling