Can anyone recommend a ligitimate non-profit organization to help my son with a large credit card debt?

He can’t pay his bill as he has been out of work for some time and because he was late with one payment, they hit him with a 28.99% int rate! Monthly minimum payments are over $350.00 with only $100.00 or less going toward the actual balance. His bill is now over $10,000.

I’d like to recommend an alternative to debt consolidation – check out this website/blogs:
http://debtfreeleague.com/
http://debtfreeleague1.wordpress.com/
http://debt-free-league.blogspot.com/

Your son’s gonna get lot’s of free information on why most non-profit credit counseling services many be ineffective in clearing his mountain of credit card debt. The purpose of a consumer credit counseling service is to enroll your son in a debt management plan, essentially a debt consolidation program. However, there are risks with this debt consolidation approach.

Many credit counseling organizations can’t help you you with credit card debt reduction on certain types of accounts. They also can’t help with business debt reduction. But the biggest concern is the super high dropout rate of their debt management plans.

Yes, non-profit or not, many people never complete their programs. The key reason is that their debt consolidation approach achieves a modest reduction of interest rates. Many credit counseling dropout have indicated to me that their average interest rate reduction was 6%, which isn’t much. So, if they can accept your son’s credit card account, being that it has a 28.99 interest rate, good luck!

Since it looks like your son’s already struggling with the minimum payments, I would advise the checking out the recommendation I made above. It is not debt consolidation, but rather a debt settlement program provided by the National debt relief Stimulus Plan.

Their fees are the lowest in the debt settlement industry, they accept most unsecured credit card, medical, and business debts – and best of all – since they slash both the debt’s interest and principal balance, they may be able to get your son a savings on his total debt of about fifty percent. And that sure beats the socks off any consumer credit counseling service.

Wishing your son the best of luck!

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This entry was posted on Sunday, April 4th, 2010 at 2:36 pm and is filed under debt help. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “Can anyone recommend a ligitimate non-profit organization to help my son with a large credit card debt?”

Ryan M Says:
April 4th, 2010 at 7:54 pm
Depends on the type of "help’ you are looking for. No place is going to pay his bill off for home. You son had no problem spending the money, so he should have no problem paying it back right??? I am sure you did not raise a deadbeat. The only thing that non-profits actually do it help consolidate your debt. They will not eliminate the debt, just make less payments. However, doing this will ruin his credit.
References :
Brandon Says:
April 4th, 2010 at 8:22 pm
Hey,

I’m not sure of any non-profits that will be able to help. The problem in debt consolidation to make the minimum payments less is that your son has no income right now and therefore has limited or no credit. Chances are, if you’re trying to help him with this, he’s still living at home? If not, it might be something to consider as he’ll just dig his hole a little deeper funding even a meager lifestyle on credit.

I would definitely suggest he get some tips on budgeting that he can use while he’s short on cash so he can reduce spending in certain areas as well as free up some cash. Also, I think this is a time where he be very humble and accept any job that will take him. He can always look for something where he is more specifically trained for or attuned to while working and at least making his minimum payments.

Let this situation be a lesson to him that credit needs to be respected and almost feared. Things can really go downhill quickly if you lose a job and aren’t able to make the payments.

I hope this has been helpful
References :
http://www.howtomanagemoneytips.com
bdancer222 Says:
April 4th, 2010 at 8:46 pm
Check into NFCC credit counseling: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nonimal fee. They negotiate lower interest and payments so that you can pay off your debt. When you complete the program, you will have decent credit.
References :
BD
victor c Says:
April 4th, 2010 at 9:06 pm
I’d like to recommend an alternative to debt consolidation – check out this website/blogs:
http://debtfreeleague.com/
http://debtfreeleague1.wordpress.com/
http://debt-free-league.blogspot.com/

Your son’s gonna get lot’s of free information on why most non-profit credit counseling services many be ineffective in clearing his mountain of credit card debt. The purpose of a consumer credit counseling service is to enroll your son in a debt management plan, essentially a debt consolidation program. However, there are risks with this debt consolidation approach.

Many credit counseling organizations can’t help you you with credit card debt reduction on certain types of accounts. They also can’t help with business debt reduction. But the biggest concern is the super high dropout rate of their debt management plans.

Yes, non-profit or not, many people never complete their programs. The key reason is that their debt consolidation approach achieves a modest reduction of interest rates. Many credit counseling dropout have indicated to me that their average interest rate reduction was 6%, which isn’t much. So, if they can accept your son’s credit card account, being that it has a 28.99 interest rate, good luck!

Since it looks like your son’s already struggling with the minimum payments, I would advise the checking out the recommendation I made above. It is not debt consolidation, but rather a debt settlement program provided by the National Debt Relief Stimulus Plan.

Their fees are the lowest in the debt settlement industry, they accept most unsecured credit card, medical, and business debts – and best of all – since they slash both the debt’s interest and principal balance, they may be able to get your son a savings on his total debt of about fifty percent. And that sure beats the socks off any consumer credit counseling service.

Wishing your son the best of luck!
References :
http://debtfreeleague.com/
http://debtfreeleague1.wordpress.com/
http://debt-free-league.blogspot.com/

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