WHO DO THE CREDIT COUNSELORS WORK FOR?
WHO SHOULD YOU TRUST? A while ago, I wrote an article that talked about the objectives of for-profit and non-profit companies. The non-profit companies are there to help the community and the for-profit companies make money to share with the stock holders and owners. One would think then that if the Consumer Credit Counselors were non-profit companies, they would be there as a service for the community. As an idea, that’s true, but that’s where things end. In truth, the Credit Counselors (non-profit company) work for the banks and credit card companies to collect money for them. In a show of appreciation, the banks and credit card companies give back 8% of what they receive from the Credit Counseling companies. Of course, that 8% return acts as a donation for the credit card companies and the banks who are able to then “write it off” from their taxes.
