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Are debt relief companies really non-profit

The answer is yes, there really could be some debt relief companies that are non-profit.  But please do not confuse or compare the term “non-profit” and “charity”, because in reality there is NO comparison.  The definition of a non-profit is first it is not allowed to distribute profits to anyone and no dividends for shareholders.  Second nobody owns the company, it is run by trustees, but someone’s “trustee” cannot be sold to anyone.  Basically the profit that a non-profit makes has to be reinvested back into the company.  But it does not state anywhere what trustee shall be paid, what to pay employees, nor what the reinvestment should look like.  So as you can see starting a non-profit has its benefits as far as getting clients because the general public automatically assumes and compares it to charity.  So yes there are non-profit debt relief companies.

Notice that nowhere in the description of non-profit does it state that a company’s goal is not to make money.  Notice that nowhere in the description of non-profit does it state that you can only charge clients a certain percentage.  Notice that nowhere in the description does it state that it has different regulations than a for profit company.  So I will continue in my preaching to anyone who asks me about debt relief companies, do your research.  Just because they say they are non-profit, does not mean anything good.  Maybe they are trying to position themselves in a different way than their competitors, if anything they are being a little more deceitful to their clients because they understand the comparison that normal Americans do with non-profit and charity.  It’s a little misleading, but 100% legal.  So I say beware, you want to work with a company that has your best interest in mind and will be honest and work with you.  So here in Houston you may find non-profit credit counseling companies, non-profit debt settlement companies, non-profit debt consolidation companies, non-profit debt relief companies but really it just has multiple people making decision for the company and their profit has to go back into the company through ways such as marketing or buying new office space.  So don’t be fooled.

When looking into debt relief, look for companies that are reputable.  When looking into debt relief look for companies that train their consultants to be honest with you.  When looking into debt relief look for companies who have been in business for more than 3 years.  When looking into debt relief look for companies that have had 5 complaints or less on BBB in the past year.  Those things will give you the insight you need to make a good decision about your finances.  So being roped in by the companies non-profit or for profit stance may not be the decision tool you need to make the most accurate and best decision for you and your future.  So go and do your research, talk to companies, and then make a decision.  And I am telling you if you do all those things you will get results and be stress free in 3 years or less!

 
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