Our small, 15 year-old business has been failing for 3 years now due to our retail trade of big-ticker, non-necessity items and the poor economy, etc. We can't even make enough money to cover the lease on our business property. Lots of our estimates, tax payments, and inventory purchases went on to credit cards. I also had knee replacement after 5 years of mini-surgeries, etc. and those expenses went on credit cards. I hate just letting a payment go on a credit card as we have NEVER done that before. But, nonw we don't have the money to cover everything! I am looking for a job to at least bring some money into the home. What is the best thing to do with our situation...debt settle our business credit..our personal credit...or both? We're talking about $200,000 here!
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.