I've 3 credit cards with huge debts (around $25000) which have increased over time with interest charges, and now I'm not in a position to pay them off. One of these cards is even charged off. I want to get rid of my debts. The creditors are behind me and are threatening to sue me. Is filing bankruptcy the best option for me? How can I get someone to pay off my debts?
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.