Martin Pelmore, Selecting A Good Credit Counseling Agency

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Fri Jan 4 12:09:12 CET 2008

Martin Pelmore, Selecting A Good Credit Counseling Agency

Setting up non-profit credit counseling agencies is quite popular these days
because the non-profit status helps these agencies in availing numerous
benefits. One of the biggest benefits is the federal and state level tax
exemptions granted to these non-profit credit counseling agencies. The two
tax exemptions combined together can add up to thousands of dollars every
year. In addition to tax exemptions, the non-profits status also makes these
agencies eligible for several public and private grants. To initiate Fair
Share contributions, it is mandatory to have non-profit status. Therefore,
the non-profit status helps these credit counseling agencies obtain greater
respect of the creditors. That is not all. In few states the non-profit
agencies are also unreachable by consumer protection laws.

Due to all these benefits bestowed upon them, it is not surprising to see
almost all major credit counseling agencies advertising their non-profit
status. However, you must keep in mind that most of these so called non
profit agencies are set up only to make profits. The non profit status is
only used by them as an easy method to tempt customers. Debtors in need of
professional help and advice get carried away by these profit-making non
profit credit counseling agencies. Only after they start dealing with these
agencies they realize the actual truth related to interests and worth of
these agencies. Although there are many non-profit credit counseling
agencies set up just for making profits, all of them are not like that.
Agencies providing genuine and authentic counseling also exist. National
Foundation for Credit Counseling or the Association of Independent Consumer
Credit Counseling Agencies provides credit to most of these agencies.

You can enquire about authenticity of a profit credit counseling agency from
the local Better Business Bureau. As a debtor, you can get information
related to any complaints lodged against the agency at the bureau. You can
also get information related to a profit credit counseling agency from
online credit forums. Good credit counseling agencies are a boon for all
debtors. They help in developing a personalized debt management and budget
plans for debtors. To help debtors in reducing their debt, these agencies go
a step forward and speak to creditors and make them lower down or remove
interest, finance charges and late payment penalties from debt amount. Some
of these agencies can even get the debt collectors off the back of poor
debtors. Keeping these advantages of good non profit credit counseling
agencies, debtors must always be careful in selecting an agency to help them
in managing their debts. Remember that if you get involved with an agency
established just to make profit, you may end up worse than you are at this

 Focusing on latest news in consumer counceling, Linden Walhard published
first and foremost for  . Writing for publications like  ,the columnist
improved his knowledge on issues related to credit card debt settlement.
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