Debt dilemma.QA I don't want to get caught up with the wrong kind of debt consolidation company. What should I look for before I choose one? --Sandra Clair Grand Rapids, Michigan “Grand Rapids” redirects here. For other uses, see Grand Rapids (disambiguation). Grand Rapids is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 197,800. Before you look for a debt consolidation company, first determine if that's the service you need. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mike Kidwell, vice president and co-founder of the Rockville, Maryland-based comprehensive financial crisis center Myvesta.org (www.my vesta.org), debt management programs are for people who are behind on their bills. He says, "It's not a program that you can join for added convenience or just to attain a lower monthly payment or reduced interest rate." That said, Kevin Thomas, president of American Debt Consolidation Inc., a nonprofit credit counseling agency in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. , suggests that you choose a nonprofit company because "creditors tend to offer nonprofits better terms than for-profit corporations." Also, ensure that the debt consolidator deals with the type of creditors you owe. Some firms, for example, won't handle secured debt, such as mortgages or auto loans. In this case, they can only negotiate with holders of, your unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. : the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. , credit card firms, hospitals, or banks. As with any consumer transaction, you should find out how many years the company has been in business and check it out with your state's Better Business Bureau (www.bbb.org). For a full list of questions to ask your credit counseling agency, go online to (www.myvesta.org/resources/rs_ questions.htm) --Monique R. Brown Mail your consumer questions to Ask Your Advocate, BLACK ENTERPRISE, 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011, or send an e-mail to brownmr@blackenterprise.com. |
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