Hi, I'm in the typical falling behind pickle. I'm about 30-60 days behind on all my 6 credit cards, and 5 personal loans. plus i'm 40 days down on my car loan. I also have 5 PDLs out as well! I need to do something fast here...I dont want to go the BK route (did a chapter 7 6 years ago)...Question: is what is the difference betweeen debt consolidation vs. settlement? which is better? which ruins my credit more? Any help would be greatly appreciated. I dont sleep at night, and I'm looking for a 2nd job now...thanks!
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.