I see their ads all the time, offering to slash debt in half and such. While I applaud these services for what they are trying to do, somehow they have to make money, or they couldn't afford to run these ads. Where is the profit coming from.
Appreciate the answers in advance, thanks!
There are two ways for them to make money. One is that they charge you a service fee which is included in your payment.
second is a rebate from the credit card companies based on their collections of money from you.
Most of them charge a monthly fee. I don't think that they are worth it at all and people could use that monthly fee to send it to their credit card companies themselves.
Source: http://www.financetalkinghub.com/how-do-credit-counseling-debt-relief-services-make-money.html
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