I don't know which we should do. We owe approx 20,000 on four credit cards. None are past due.. yet. But that time is rapidly approaching. Our monthly payment on all 4 is around 400. We can afford half that. We had a lot of car expenses and medical expenses. I've done a lot of balance transfers but now all the cards are maxed (at decent rates, except for one) and we can't get any more credit so we really have to deal with this. I can't live like this anymore. We had to short sell our house, so our credit (formerly good) will be dinged anyway. debt settlement is tempting, but I'm afraid of being sued, wage garnishment, etc. Any advice is welcome..
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.