In today’s world it is harder than ever to make ends meet. With an unstable economy and unemployment as high as 12 percent in some states, it’s increasingly harder to survive. Many families are cutting back on “extra” expenses. No more going out to eat three or four times a week, no more going to movies every weekend. Even then it is a stretch to fill up the gas tank; at $50.00 dollars a pop it’s hard. People are finding themselves in financial trouble. For many of them “bankruptcy” is not an option.

Many people are scared of filing for bankruptcy. They think of it as a last resort. The popular alternative is debt consolidation. There any many companies that “specialize” in debt consolidation. The consumer needs to be careful when picking a debt consolidation program. If you go on the internet and type in debt consolidation you will have many pages of willing companies, willing to take your money. As a consumer when you buy something you research your purchase before buying. This is no different; you should do even more research. With all the choices you will find on the internet please remember one thing. The more they charge, the more you lose.

When it comes to debt consolidation you are better off looking into non-profit organizations.  All debt companies are monitored by the government for the most part. But since a non- profit organization doesn’t charge you a fee or in some cases a very small fee there is less to lose. Most non-profit organizations take helping people in financial trouble seriously. The good ones that are out there will help you get back on your feet. They will counsel you or will send you to free debt counseling. Most non-profit organizations are run through funds they receive from donations and business contributions. They also have mission statements stating they will help you get out of debt and stay out of debt. The goals of the non-profit organizations are to educate you! When working with an organization that is not non-profit they are out to make money. Don’t be fooled by them saying they want to help you. They are in business to make money, and they will make it off of you.

These for profit companies charge more to help you and don’t always do what’s good for you, but what’s better for them. Another thing to consider is that creditors will be more willing to work with a company that is non-profit when it comes to helping you with your debt. In some cases some of the amount you owe can be lowered or written off. So if you are in need of help financially and are in the market for debt consolidating do yourself a favor and start with a non-profit organization. You won’t be disappointed.

By Jasmina