Have you heard of the National Debt Crisis Center? Who should I use to consildate my credit cards and pay the lowest amount?
I had not heard of the National Debt Crisis Center before I got your question. I assume you are talking about the folks at this site.
Maybe this is just an oversight on their part but the services page says:
Through our Personal Financial Analysis we can help you determine which program is best suited for your particular needs. We can then match you with an organization best suited to help you with your specific needs. The solutions that we can recommend
- Debt Consolidation
- Debt Settlement
- Mortgage/Foreclosure Assistance
- Budgeting Assistance
- Credit Counseling
- Financial Education
We recommend the best solution for your individual situation.
What struck me is that bankruptcy is not on that list. So does that mean they steer people away from bankruptcy and only into one of the listed solutions? If so, that’s a red flag for me.
I also used their online calculator and plugged in $25,000 in unsecured debt and below you can see the result of their online ‘Debt Analyzer’.
The results indicate the person would get out of debt in three years and save $44,000 interest and debt on a smaller payment with their program. That tells me the recommended solution is a debt settlement program and that’s another red flag for me.
Another concern is that the NDCC says it is a “national referral service” and “Debt repayment solutions are provided by licensed third party organizations.” So the NDCC is not who you’d actually work with.
Finally, I have an issue when a company does not publish where they are located. So I do have to give them a thumbs up for publishing their address on the site. Good for them. Thank you.
in my research they also appear to be a part of a company called CardEX America, Inc. They share the same address and the BBB report lists them with the same owner.
I followed the client login link and it led me to a company called GNUSA Marketing at the very same address as NDCC. GNUSA stands for Global Networking USA Marketing and they appear to be a backend servicer for the debt management industry.
I especially enjoyed the statement on their site: “The average retention rate is twenty four months, our retention rate is thirty nine months. Longer retention means more revenue for you.” It just supports my previous article on the success rates of credit counseling programs.
So I’m utterly confused about this company at this point. The calculator on the NDDC site indicates the solution they promote is a debt settlement program but their roots seem to be in managing debt management plans and they say they are a national referral service. Huh?
Hopefully someone from NDCC can post a comment helping to clarify all this for both of us.
So what is your situation? Are you barely getting by or just want to reduce your interest rate? Have you had a reduction in income, what’s pressing you to seek help right now?
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9 thoughts on “Have You Heard of the National Debt Crisis Center? – Eric”
I have three credit cards two I am getting paid down (interest on these is ok) but the third one with the biggest amount 9,000.00 is taking about 114.00 out of a payment of 200.oo per month. the interest rate is 13% and I always pay over the minimum payment and unntil this time have always bee on time with my payment. The bank has an 800 number to call but I have waited on that line for 20 or 30 minutes at a call. anyway I can get help with this mess?
Does your question have something to do with the National Debt Crisis Center? I’m confused.
What if my credit score has already taken a big hit because I can’t handle the current payments on my line of credit. If I go with a debt settlement company to lower my payments and take the initial hit in credit, will making the new payments improve my score over time? How long? I would love to hear some sound advice from you on my situation, just let me know the answer to this question and I will let you know more.
How is it that the NDCC says you can pay off your debt for less than you owe? I’m assuming that they negotiate with the credit card company to settle for less. I wonder how bad that dings your credit.
Pretty damn bad.
will this effect my credit score?
Depends, what is your situation?
i have 3 credit cards and i hate having to remember the due dates for each one. I just got bumped up to high interest on one of them. total debt is 5525.23. who do you recommend for consolidating the three cards. NDCC wanted $150 per month and it would take 4 years. there was a 29 per month fee in that 150 per month.
Yep, it sounds like they were talking about a plain vanilla debt management or credit counseling approach in your case. In a debt management plan the cards would be closed by the creditors and that would lower your credit score.
A better solution, that’s free, might just be to not use those cards anymore and to schedule an automatic minimum monthly payment with your bank, what ever it is right now, and send that to the cards each month. This approach will not get you an interest reduction but it will actually build your credit and pay off the cards.