If you’re struggling with debt, debt settlement might be the solution. According to a report from the Federal Reserve, borrowing has reached record highs, and outstanding consumer credit now totals $4.7 trillion. Debt settlement is a form of debt relief that involves negotiating with your creditors and debt collectors to reach an agreement to accept …
How Does Debt Settlement Work? What You Need to Know Read More »
Are you wondering whether debt settlement might be right for you but afraid it will be too expensive? Despite what you may read, debt settlement can be one of the cheapest ways to get out of debt. Why? Let’s take a look. Key points How much do debt settlement companies charge? Debt settlement may sound …
Debt Settlement Fees: It Can Be Surprisingly Affordable and Effective Read More »
Many experts will tell you that debt settlement may not be the best idea. However, suppose you don’t qualify for a consolidation loan or are considering bankruptcy. In either case, it will be a better option – especially if you think you’ll need an apartment, personal loan, credit card, student loan, house, utility service or …
As consumer debt continues to rise, so does the popularity of debt settlement as an option to solve Americans’ financial problems. U.S. households carried an average of $101,915 in consumer debt in 2022. According to a report by John Dunham & Associates, 1,453,567 accounts were settled by debt settlement companies in 2019, compared to just …
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It’s no secret that many Americans are overwhelmed with credit card debt. If you’re struggling to make your monthly payments, here’s a secret your credit card company doesn’t want you to know — lenders will often lower the total amount that you owe them through a negotiation process. That process is known as debt settlement. …
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Debt settlement can be a way out of a bad situation. Settled debt is gone: there are no more collection calls, bills or pressure. But there are still drawbacks. One is the impact on your credit score. Four ways debt settlement affects your credit score Debt settlement can affect your credit score in several ways, …
How Will Debt Settlement Impact Your Credit Score? It’s Complicated Read More »
No one wants to see extra tax forms in the mailbox, particularly if you don’t know what they mean. If you’ve completed a debt settlement program or qualified for student loan forgiveness, you’re no longer obligated to repay the canceled debt. However, you may have to pay income taxes on the total canceled debt. That’s …
Do I Have to Pay Taxes if I Get a 1099-C Form? What You Need to Know Read More »