I want to try to settle my debts on my own, but I don't know where to start. Do I stop making payments, cancel my cards, etc.? I am not sure what to do. I am current at the moment, but by the time all the bills are paid I have very little left before the next pay check. How will this affect my credit history? Can anyone help me with this? Has anyone done this on their own with using a service?
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.