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Debt Settlement
One of the main reasons people consider debt settlement is to save money. Ironically though, settling debt can be expensive, potentially causing your debt balances to double or even triple.…
Debt settlement sounds like an attractive solution to a serious financial problem, but in addition to being difficult to negotiate, debt settlement often comes with another complication — taxes. All…
Debt settlement can have a negative effect on your credit. How bad will it be? It’s impossible to predict the exact number of points you’ll lose, or when you’ll be…
Owning a home is a big part of the American dream, but for many would-be home buyers, a mountain of debt is standing in the way. How you deal with…
The amount of debt you have and whether you ever engaged in a credit card settlement are two major factors that affect your credit score. If you want to get…
How Debt Settlement Works Private debt settlement companies are for-profit entities that charge a fee of 15%-25% of the debt the company is originally asked to settle, or the lower…
It’s not easy to rationalize the next late payment notice or harassing call from a creditor or collection agency as an opportunity to lower your debt. Not when your initial…
Maybe you’ve seen the signs on the side of the road, or you’ve received solicitor calls or brochures that promise to “Eliminate debt now!” The offers are tempting. Unfortunately, in…
How Debt Settlement Works Private debt settlement companies are for-profit entities that charge a fee of 15%-25% of the debt the company is originally asked to settle, or the lower…
Sources:
- N.A. (2020, December) Publication 529 (12/2020), Miscellaneous Deductions. Retrieved from https://www.irs.gov/publications/p529
- N.A. (2023, August 02) What are debt settlement or relief companies and should I use them? Retrieved from https://www.consumerfinance.gov/ask-cfpb/what-are-debt-settlement-or-relief-companies-and-should-i-use-them-en-1457/
- N.A. (2022, March) Credit card late fees. Retrieved from https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_credit-card-late-fees_report_2022-03.pdf
- N.A. (ND) Beware of Debt Settlement Services. Retrieved from https://www.nyc.gov/assets/dca/downloads/pdf/consumers/Consumers-Beware-Debt-Settlement-Services-English.pdf
- DeNicola, L. (2020, April 29) What Is a Penalty APR? Retrieved from https://www.experian.com/blogs/ask-experian/what-is-a-penalty-apr/
- Pomroy, K. (2022, June 15) 5 Personal Loan Fees to Watch Out For. Retrieved from https://www.experian.com/blogs/ask-experian/personal-loan-fees-you-should-watch-out-for/