Is Non Profit Debt Settlement a Wise Decision?

July 13, 2010 - PRLog -- If one has lost control of his or her finances, and is insolvent, he or she may not want to declare bankruptcy. Debt settlement may be a far better option as one is able to keep more of his or her assets, it does not harm a credit rating as much, and the responsibility is just gone.

Aurora Lillo Editor of the "Reputable Debt Settlement" website -- http://www.ReputableDebtSettlement.com -- pointed out;


“...A question that many people who have settled on this course of action have is, is it a wise decision to use a non-profit debt settlement organization?...”

The fact is that non-profit settlement companies are no different from for-profit companies. All that a company has to do to make non-profit status is to ensure that the corporation makes no money. Typically, this just means that whatever the corporation makes in excess of expenses will be paid to the CEO and president of the company as salary. The non-profit status of the company is simply a tagline, used for advertising.

However, this should not be taken to reflect poorly on the company as a whole. Debt settlement is still a very viable option and one that can save a person's credit. These companies are typically able to reduce a consumer's red ink by as much as 50%, through a large number of strategies compiled over years of experience. These companies will act as negotiator, accountant, and attorney all wrapped into one, and cost far less than any of the above would cost individually.

“...For example, a common strategy that such a company will use is to tabulate the amount of money that you can afford to pay, or the amount of money that would be withheld from your paycheck if a company took you to court and received a favorable judgement. They will call each of your creditors and say, "my client has this much money and can only use it to pay off one responsibility at a time." Since going to court wouldn't get the creditor any more money, they frequently will be willing to settle for a very small amount of money in that case. There isn't much else they can do, as US law protects a debtor in many situations...” added A. Lillo.

Therefore, while a non-profit debt settlement company is no better than a for-profit company, debt settlement as a whole remains a very wise decision to get one's finances under control.

Further Information By Visiting; http://www.ReputableDebtSettlement.com