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Many of these companies are very ethical and will make great efforts to give you genuine financial aid, but there are also companies who will take advantage of your situation.
These companies will offer consolidation loans with high interest, impractical terms and little or no advice on how you can improve your financial standing.
When you start looking for a debt consolidation company you will see that there are two kinds - companies that profit by their services, and companies that are non-profit.
Non-profit companies will give you advice on budgeting, financial counseling and suggestions on taking out loans for little or no fee.
Non-profit debt consolidation companies are able to function because they have support from major credit card companies and the Federal government.
They have professionals who can help you work out a budget and give you advice on overcoming an addiction to credit cards.
Non-profit companies very rarely provide debt consolidation loans.
In the event that they do offer a loan, any interest charged will be quite reasonable.
Unfortunately, non-profit companies usually take longer to finalize the provision of loans.
There are many secure and reliable debt consolidation companies that operate for profit and behave in an ethical manner and will give you genuine help to get your credit card debt under control.
The professionals who work for these companies are able to offer you speedy solutions for the fee that they charge.
Because they charge a fee for this service, these companies have the knowledge, information and negotiating skills to reduce the amount you owe and to help you get back on your feet faster.
These are the basic differences between the two kinds of debt consolidation companies, so it's up to you to decide which one you prefer.
Before you make your choice, make sure you are aware of all the fees and charges that apply.
Before you pay any money it would be a good idea to do a credibility check to make sure you are not going to do business with an unscrupulous company.
You can do this with the Better Business Bureau because they have the resources to help you identify dishonest companies.
If you are having any financial difficulties at the moment, the last thing you want is to become involved with a company that will only make things worse.
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