Many individuals in Toronto need credit counseling services to help them resolve serious financial troubles. The good thing is that there are a number of credit counseling agencies ready to offer them help. Sometimes it is very difficult to determine what type of credit counseling is best suited for you. Should you opt for a non-profit credit counseling agency or a for-profit agency? What’s the difference? We’ll explore this in the following paragraphs.
For-profit and non-profit credit counseling agencies differ in terms of how they fund their activities. A for-profit credit counseling agency will obviously charge its clients for any of their services. This means that you will have a number of professionals at your disposal to help you resolve your financial issues. The main advantage of this is that it’s not the creditor who is funding the agency. This means that they will act in the best interest of the consumer who is paying for their service. For this reason, most people believe that for-profit credit counseling agencies will take a stand for their clients rather than the creditor when offering their services.
This could be the case with some not for profit credit counseling agencies. As a consumer, the agency may not stand against the creditor, because they are the ones who fund their activities. This could mean that your interests as a consumer are not their first priority. Most consumers feel that these not for profit agencies do not help them to reach their goals. However, this is not always the case. There are some really good not for profit credit agencies that strive to help their consumers through tough financial situations.
Certainly yes. Most for-profit credit counseling agencies will offer additional services in a bid to not only help consumers get out of debt but also stay out of debt. For instance, you can find a for-profit credit counseling agency that is offering debt consolidation Toronto. Another agency will have additional services such as debt settlement Toronto as well as bankruptcy assistance. There’s really no limit as to what kinds of services these profit-making agencies can offer their consumers. At the end of the day, they are in the business of making money and hence would like to provide their customers all the credit counselling facilities under one roof.
With a non-profit agency, you can be assured of two things. The first is that you are working with professionals who are not in the business of making money out of your misfortunes. Furthermore, these agencies are regulated to ensure they maintain a high level of integrity and competence. Additionally, non-profit credit counseling agencies usually offer their services for free. However, you need to ensure that you identify a reliable and trustworthy non-profit credit counseling agency that you can work with.