Hi I am a student from NJ and have racked up a $6500 credit card debt (unsecured). I've heard that in NJ you can't use debt settlement. So what are my options? I've stayed fairly up to date with my payments but can't make a dent in the total balance because of interest rates. I've tried calling the companies but they wouldn't help me out. I do have a company who says that they can help settle my debt (Preferred Financial Servces pfs1.net) but I'm not sure if this is the way to go. Please 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.