With the economic slump, many people are shoved into a financial tight spot. Paying bills have become a struggle, from figuring out where to get the funds to making the minimum payments, evading harassing collection calls, to transferring balances from one credit card to another. Managing your financial affairs can really be an uphill battle, and we have not even tackled other financial obligations like mortgage yet! Good thing there are a number of agencies that can help make things easier for you. One of which is the National Foundation for Debt Management (NFDM).
A Closer Look at the National Foundation for Debt Management?
This non-profit 501 (c)(3) consumer education foundation, established in 1999, is committed to providing education to consumers about money management, personal finance and home ownership. To do this, they offer three main services: housing counseling, debt and credit management, and preemptive financial education for “students” five years old or older.
The organization is licensed in most states and has accreditation for both the National Association of Consumer Credit Counselors and the Better Business Bureau.
Who Funds the National Foundation for Debt Management?
Creditors involved in the debt management service of the organization is the primary source of funding for the NFDM by way of commissions.
How To Become a Member of the National Foundation For Debt Management?
You can become a member free of charge. Simply call (800) 353-9890 or visit their web site to sign up. Membership entitles you to avail of their services and attend their seminars.
Right Track – The National Foundation for Debt Management’s DMP
A debt management program is suitable for people mired in debt to help them get rid of their financial obligations. With a DMP, the foundation will help you to evaluate your financial situation, negotiate with your creditors to reduce interest rates, waive or reduce fees, and re-age your accounts from past due to current, formulate a payment schedule, and confirm with your creditors that they have recognized the compromise that the foundation discusses with you.
Since it is a nonprofit agency, you need not pay any fees to sign up for Right Track, the foundation’s debt management program that has helped over 50,000 people bridle their finances.
The National Foundation for Debt Management’s Homebuyers’s Express and Homebuyer’s Club
Homebuyers’s Express and Homebuyer’s Club are the two series of seminars for would-be homebuyers. People who are on the verge of buying a house, meaning they already have good credit, stable source of income and ready down payment, can attend Homebuyers Express. On the other hand, people who require more preparation to be able to buy a house need to attend the Homebuyers Club. These are people who still need to work on their credit scores or who may be encumbered with debt, and thus, cannot yet make the purchase in the near future.
The foundation offers classes for would-be first time homeowners to help them understand the nitty-gritty of buying and owning a home. It tackles the mortgage process and the various costs of owning a property, such as maintenance and insurance. It also talks about the various kinds of loans, the appropriate loan for you and a step-by-step process of obtaining approval for a market-rate mortgage. Once you get qualified, they can aid you in obtaining down payment.
The housing counseling of the foundation also includes advising new homeowners on how to manage and maintain their new property, and to aid homeowners who are candidates of foreclosure. The organization’s programs are supported by the US Department of Housing and Urban Development.