Debt Management Foundation
Debt Management Foundation
are the National Foundation for Debt Management some kind of debt collectors?
No, they are a credit counseling/debt management service. I didn’t see the NFCC logo on their website, but they do claim to be a non-profit company.
Debt Management Programs – Things To Look For In A Legitimate Debt Management Program
There are gems and there are duds of any business. This is true of debt management programs as well. Your money is very important to you, so you should choose a program that has the best reputation for success. Reviewing the number one debt management programs is your best option for choosing the company that is right for you.
Certified – One thing all great debt management programs have are certified credit counselors through the NFCC (National Foundation for Credit Counseling). This ensures that any counselor you work with has gone through extensive training and has taken six certification tests to get accredited. Anyone who handles your money should be professional.
Non Profit Work – Another characteristic many of the best debt management programs possess is nonprofit work. The reason these programs seem to be the best is because they have your best interests in mind. They are not thinking about their bottom line when setting up a payment program for you. Most of the time these organizations require you to close all open ends of credit, such as credit card accounts. Their goal is to assist you with your current financial problems, but then never see you again. You want a debt management program who doesn’t want you as a return customer.
Confidentiality – One of the most important things the best debt management programs have is a strong commitment to your confidentiality. This is important for two major reasons: privacy and security. First of all, most people don’t want neighbors to be aware of their financial problems. Any visit to a debt management program should be kept confidential. Second, the information given during a credit counseling session is very sensitive. You may give social security numbers or credit card numbers. Since identity theft has become so prevalent, you must be able to fully trust your debt management program to keep your information safe.
If you find yourself in the situation where you need a debt management program, be sure you choose one with NFCC certified counselors, that has your best interests in mind, and respects your confidentiality.
About the Author
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The world of credit counseling is a multi-billion dollar industry populated by companies providing effective financial help such as traditional or Christian debt consolidation services and loans, among others. However, there are also illegitimate, fly-by-night companies that are only after their victims’ hard-earned money. Apart from the issue of legitimacy, only the former companies can actually help you solve the main problems you had set out to fix by availing of their consumer credit counseling services. While it is quite unfortunate that there are those who will exploit innocent individuals who really want to turn their lives around, the unfortunate truth is that there are so many companies out there that could end up further hurting your financial situation. If you are in need of Financial Advice and wish to implement a personal financial rehabilitation program, here are three ways to help you identify the legitimate companies from the fake ones.
Is the company an accredited one? Companies that claim to provide consumer credit counseling services must show proof that they are affiliated with the National Foundation for Credit Counseling. The NFCC is dedicated to setting industry-wide standards for debt and credit counseling. If the company website prominently features the NFCC seal, then you can be assured that the company or agency practices the high standards set by the NFCC. Another major organization that can guarantee the legitimacy of a company is the Association of Independent Consumer Credit Counseling Agencies. This type of information regarding membership in major organizations can usually be found in the “About Us” sections of the companies’ respective websites. If you are looking for companies that provide non-profit debt consolidation services, for example, you must check if the company has a a proven non-profit status, which will usually refer to being an IRS 501(c)(3)-certified non-profit charitable organization.
Does the company ask for upfront payments? The operating principle behind seeking financial management or availing of consolidation loans or consumer credit counseling services is to allow you to defer your payments and ultimately save money as you rebuild your financial status. If the company asks for thousands of dollars in upfront payments or “signing up” fees, then you should be wary of these; they may not be sincere in helping you get out of your financial rut. Seeking payments without proof that their service is effective is unethical. Thus, companies who have this kind of policy should be avoided. Typically, a set-up fee should only be around $10; if a company makes you pay more with the promise that they can magically erase your debts in one stroke should be avoided at all costs.
Does it provide effective financial counseling? A company that is sincere in helping you regain financial stability should be able to provide an effective and comprehensive financial management plan that is tailored to your personal situation. Your advisors should also be able to explain the full range of options including debt management, bill consolidation, or self-repayment schemes to help you get back on track. A company offering real Christian debt consolidation services, for example, will also focus on forming values and habits to help you get out of debt.
William F. Gabriel is a Senior Marketing Manager. Through his articles, he gives practical tips on choosing the right consumer credit counseling services and christian debt consolidation services.
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