Over the past year, I have allowed my credit card debt to get out of hand. My payments are becoming too much to manage, and I'm exploring options to ease the financial stress. With $27,000 in credit card debt, I am considering using National Debt Relief to negotiate with my creditors and get me out of debt in 24-36 months at a much lower fixed payment. I own my house, all my vehicles, and have no need to take out personal loans in the foreseeable future. I understand that my personal credit will be essentially destroyed and take years to rebuild.
Last year, I started a business with a partner, which is where a portion of my debt was dedicated. I am worried that if I use National Debt Relief and allow my accounts to go into collections, and destroy my personal credit, that my business credit cards will be revoked, and my business credit will go down the drain with mine. I can't afford to lose any of my business accounts or hurt my business credit, as we are finally starting to grow as a small business.
My question is simple: Will using National Debt Relief to consolidate my personal debt negatively affect my business accounts in any way, or are they completely separate?
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.