Non Profit Debt Management for Stay at Home Moms
Contributed by Lisa Marie
Attention all stay at home moms who are considering the use of a non profit debt management company to alleviate some financial pressures:
For a stay at home mom who is trying like heck to make ends meet, a non profit debt management company can seem like a dream come true. They all have one thing is common- they want to help you get rid of your debt so that your life will become easier, more simple and you'll have one less thing to worry about- your debt.
Don't you think that stay at home moms have a lot to worry about? First, will other people think that they are lazy because they don't work outside of the home. But if you did work, who would be there on snow days and sick days and any other days that come around? Plus, usually the stay at home moms are the financial managers of their families. So something that's non profit must be there to help you, right?
I don't think so
Just because a non profit debt management service is non profit, they still make money.
Anyone can make a non profit company. All you need is some fancy accounting and draw all profits as salaries and expenses. A non profit debt management service does charge you money, whether it be a fee per creditor or a flat fee...they do make money.
Be sure to check with your financial institution prior to utilizing a non profit debt management service.
If you ask around a bit, like to mortgage companies and other financial lenders, you could come to some amazing conclusions and find out that they are non all that they are cracked up to be. What the debt management services don't tell you is this: The majority of creditors will still report your payment to the credit bureau as a negative mark on your credit report.
