A lot of people think that if a company is non-profit then they must be looking out for the interests of consumers instead of themselves. That is not always the case.
Non-Profit Debt Consolidation Scams
In some cases a “non-profit” debt consolidation company presents itself as a legitimate non-profit specifically designed for the goodwill of helping people get out of debt and pay off their loans. However, when you look deeper, you’ll find that most of their business is referred to a for profit debt consolidation company that handles the actual consolidation loans. The for profit business is owned by the same people who started the non-profit consolidation counseling company.
In cases like this the non-profit consolidation counseling corporation is really just a front in order to try to get people to sign up with the consolidaton loans from the for profit company. Loan consolidation is a big business and there have been some people who have made millions of dollars through this type of arrangement. Fortunately many of them were caught and are now in jail.
Don’t take someones word for it that they are a non-profit consolidation counseling organization. You need to actually find out what their reputation is before trusting them with your finances.
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