Thinking about a debt consolidation loan? Be sure you know what you're getting if you are considering a loan consolidation company claiming to be a nonprofit.

Just because a debt negotiation company describes itself as a "nonprofit" organization, there's no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What's more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you've supposedly saved.

The best advice is to compare different loan programs to find the one that's best for you. Keep an eye on the fees. Take notes, and compare, compare and compare again. Then you'll make a smart decision.