Hey everyone, I just joined the community today, ready to tackle my debt! A little about me, I'm 26 years old, currently unemployed and have roughly $38,000 in debt. $30,500 of that is school loans, the rest is medical bills and I'm also paying monthly for a voluntary reposession. I have not paid on anything aside from the repo for a few years (I know, that's REALLY bad but my reaction to my debt was to ignore it unfortunately :( ). I've been trying to read a lot of "how I got out of debt" stories for motivation but only got angry. They all seem to be from individuals who have a high paying job or items they can sell or a 401k they can cash out to help widdle down their debt etc. What about someone like me who when she has a job usually lives paycheck to paycheck, has already sold anything of value, no 401k, no rich family member to borrow from? Are these debt consolidation companies really legitimate? I definitely feel overwhelmed and obviously being without a job I have no income to even start fixing my situation but when I am employed, does that sound like a good option for me? I recently moved to an area of Florida that has pretty bleak employment options, most of the jobs are about an hour north or south of me and thats just not an option considering gas prices and my 23 year old car. Is getting out of debt really feasible for someone making $10 or under?
Sorry for the essay, I'm finally ready to get this out in the open and really get it under control. Thanks for reading!
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.