They make look tempting – those late night television commercials that promise to help debtors avoid bankruptcy by consolidating debt – but these debt consolidation scams are very expensive and highly suspect.
The skyrocketing rate of student loan debt and default has lead to an undesirable side industry: companies promising student loan debt relief services. Many of these companies promise an end to your student loan problems, or even the elimination of your student loans completely. Unfortunately many consumers
If you're trying to free yourself from the burden of credit card debt, you have a number of options available. If you lack the means to pay the debt in full over a reasonable period of time but are unable or unwilling to file bankruptcy, debt settlement may be an option.
Negotiating with creditors is often a good way to reduce your debt load and get some relief from nagging creditor calls. If you decide to bargain with your creditors, however, be sure avoid some common pitfalls. By knowing what not to do, you can increase your chance of successful negotiations.
If you settle a debt with a creditor for less than the full amount, or a creditor writes off a debt you owe, you may owe money to the IRS. The IRS treats the forgiven debt as income, on which you may owe income taxes. Learn the rules -- including reporting requirements and exceptions -- here.
One of the many ways to get control of debt is to negotiate with creditors in an effort to lower the overall amount due. When successful, debt negotiation may be an option for avoiding garnishment, bank levies, foreclosure and bankruptcy.
When money is tight, it’s tough to pay your mortgage, car, or credit card payment. Some people think that paying a little bit will smooth things over and stave off collection efforts. But making a partial or “good faith” payment does not mean your creditor will go easier on you. Instead, if you
Many consumers with overwhelming debt want to get free or low-cost help to negotiate with creditors. Negotiating with your creditors can be a good start to financial recovery because you might be able to reduce the overall amount that you owe, increase the time period over which you can repay the debt,