My husband and I recently sat down and figured out how deep in debt we really are..$60,000 in credit card and personal unsecured loans. We are self employed (own a restaurant) so about half is from business expenses (slow times, startup, etc). Right now, everything is paid on time. Most of the credit cards are maxed out. It's getting harder and harder to make the minimum payments every month and the debt is not going down. We pay ourselves after the business bills are paid, and can't always guarantee that we will get paid at all.
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.