How do debt counselors make their money?
Although they advertise free debt counseling, they are a company so they have to make profits but how do they do this? I teach high school business classes and would like a better understanding of how it works.
I went through a multi-year program with Consumer Credit Counseling Service, billed as a "non-profit" service. They charged me $25 per month all the while I was enrolled. They got some companies to reduce or eliminate additional interest. All except Sears, who wouldn’t budge, but continued to assess huge interest.
All in all, I’m quite glad I did it and I would recommend (and have recommended) this organization.