I'm in a payday loan trap. I'm scared and I don't know what to do. I'm young and wasn't making good money so I took out one payday loan and to pay that one off I had to get another open. It was a trickle down effect. I'm just so terrified and I know that I can't afford them by the next pay period, it's just to much at once and it's starting to freak me out! Please tell me how this works and help me.
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.