I need some sound advice, as I am scared and desperate. Due to a job loss and being unable to sell a home - I find myself in $75,000 of unsecured credit card debt. I am current on all my bills, but am only able to make minimum payments each month. At this rate, I am scared that I will never get out of this mess! I am considering debt management as a solution, but need some advice from anyone that has gone through it. The idea of stopping payments on my credit cards to let them go into collections to then settle on them feels terrible.
I have been speaking with State Capital Financial and Clear One debt solutions. Both have different approaches and I feel confused as to which one is the better alternative.
If anyone has any advice whatsoever, I would truly appreciate it. I need to figure out a solution. This debt has taken over my life. THANKS
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.