I have a capital one card that has $1000 debt on it, and it is overdue by a month. A student loan for 4,500 that is automatically withdrawn from my account and is up to date. A Best Buy card which I has had one late fee and is up to date (but I may not be able to pay this month) and has $2000 debt on it. And an Arizona Federal Credit Union credit card that has $15,000 debt on it and is up to date. All of these things are pretty much maxed out. My husband had been making more money and were were able to pay these, but then he was unemployed for several months, now he is working for minimum wage at a gas station and we have a $1200 mortgage payment which we are up to date on, thanks to my FIL this month. We have good credit, so far, but that is about to change with barely any money coming in.
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.