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What Are Non Profit Debt Services?

You see the TV ads and listen to the spots on the radio all talking about non profit debt services? Sounds great but what are they? Often they are more commonly refered to as credit counseling companies which means they provide a variety of debt solutions based on your situation and needs – debt management being only one of them.

What does their non profit status mean for you?

It means they are regulated by the IRS and in exchange for not paying the ususal corporate income taxes, they must limit the fees they can charge and provide lots of free educational and counseling services. Their mandate is to counsel you first and guide you to the right solution. Sometimes all you need is free debt advice and a little financial education, other times they will steer you towards a debt management solution that will consolidate your debts.

The government mandated status of non profit debt services is really a benefit to you as a consumer because they are constantly being “watched” by the government to ensure they deliver effective debt solutions and proper education to their clients.