My wife and I have 30,000 in credit card debt. We were fine until I lost my job and had to take a job making less money. We also had twins during this time. Right now we are stable but because we did not pay any of our bills for 3+ months, we have no way of catching up. We can only afford $200 a month payments to start. We are working very hard to bring in more money. My question is would debt consolidation work for me being that right now, we only have 200.00 dollars a month?
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.