They are legally not governed by where you live but by where the bank is located! This changes everything...
"Under the legal doctrine of interest-rate exportation, established by Marquette Nat. Bank v. First of Omaha Corp. 439 U.S. 299 (1978), the loan is governed by the laws of the state where the bank is chartered. This is the same doctrine that allows credit card issuers based in South Dakota and Delaware Ã¢â‚¬â€ states that abolished their usury laws Ã¢â‚¬â€ to offer credit cards nationwide."
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.