How these non-profit credit help places work? You see all the time on TV. How can they make money and to advertise if they are non-profit? Does doing this kind of thing hurt my credit rating?
I made a huge mistake to sign for. They basically you close your accounts so they can negotiate with the lender about how you pay each month and consolidate all your debts into one payment and it is supposed to encourage you to use cash only. It is actually worse than bankruptcy and it remains on your credit report for some time. You will not be able to apply for any type of credit if you really need, because the board of credit is an automatic denial. If you need help managing credit, just call the lender and ask yourself if there is something you can work with them, as have the lower your interest or less than the monthly minimum. It's hard work, but it's better for you in the long term.
They are all bad. Do not use them. Period.
Make your own arrangement with your creditors.
Posted on February 14, 2010.
