I'm paying $1500 for three credit cards every month. And, this is the minimum monthly payment I'm speaking about. If I can pay $3000 extra every month, then I can pay off the debt by mid 2017. My total savings is $10000. What do you suggest? Should I pay less on credit cards and build emergency fund? Should I use the $10000 to pay off credit cards?
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.