Watch Out For Bad Apples Who Offer Consumer Debt Counseling
Some people may wonder about the point of having a non-profit organization such as those that provide credit counsling. After all, everyone wants something, it is hard to believe that organization exist in order just to help people.
If you are skeptical about the altruistic motives behind a company that is set up to help consumers with credit card debt settlement through methods such as consumer debt counseling, it might be useful to be informed of the benefits offered these companies for holding the non-profit title.
First of all, having the non-profit lable exempts these companies from federal taxes, even though they exist in order to help people settle credit card debt. In addition, they are usually exempt from several state taxes, which means that they save thousands of dollars every year just by being non-profit. The label also means that many of these companies are eligible to receive governmental grants and private grants as well each year.
Creditors will also tend to look upon non-profit organizations positively as this status is mandatory in order to initiate Fair Share...
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