I have over 20,000 in credit card debt. The fact that I am a low paid teacher in a high-rent city as well as a struggling emerging artist makes it very difficult for me to have an income that is consistently high enough to pay my credit card bills which total around $500 a month. I will also soon have to start paying off student loans which are currently in deferment. How can I consolidate my debt, reduce my interest rates and lower monthly payments.
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.