I am a graduate student who stupidly used my credit card to pay off my tuition. now I have a $13,000 debt that has been racking up interest fees and late payments. Even tho I paid $1000 on it last month, Citicard charged off my account and sent it to a collection agency.
I spoke to the agency today and beyond yelling at me on the phone, he told me that I need to pay $5000 by the 2nd September. I asked if there was a payment plan or anything that I can do to break up these payments but he said there wasnt. I have no idea how I am going to do this and I'm freaking out.
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.