As some of you may already know or already be affected by it, many credit card issuers, including Bank of America, MBNA, Citigroup, and Discover card will soon be raising their minimum monthly payments from around 2% to 4%. I wonder how many of you will be negatively affected by this change? I know that many people can barely pay their minimum payments as it is. I think that this policy will help a lot of people get out of debt by paying down their credit cards faster, but some people will not be able to keep their head above water. I would be interested to know what everbody thinks of this new policy. 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.