Can I enroll in debt consolidation to reduce the interest from a payday line of credit loans. The interest rates are over 300% and they are taking over $900 every 2 weeks from my checking account. I just had to change jobs and take a pay cut and start paying $280 every 2 weeks for health insurance and I'm not going to be able to pay my other living expenses at the rate I'm going. Thanks for your help.
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.