How long will it take to settle 5 credit cards/? And, how much do I need to save for that? I owe $300 on a Chase credit card, $1000 on Amex, $2500 on Citi, $6300 on Discover, and $2100 on a BofA card. Discover has charged-off my credit card. So, should I contact them or the collection agency? Is government relief programs applicable for charged-off accounts too?
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.