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Credit Counseling vs Debt Settlement
Here's want you need to know about debt settlement / negotiation
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There are plenty of advertisements today for people to settle their debts instead of going through credit counseling. Here are some things you need to know about debt settlement / negotiation.

  • YOU NEED TO BE SERIOUSLY DELINQUENT IN YOUR PAYMENTS IN ORDER TO SETTLE. SO IF YOU ARE UP TO DATE WITH YOUR PAYMENTS, YOU RUIN YOUR CREDIT BY NOT PAYING!


  • NUMEROUS LATE MARKS ON YOUR CREDIT REPORT.


  • LATE AND OVER THE LIMIT FEES.


  • CONSTANT COLLECTION CALLS, DAY AND NIGHT.


  • BALANCES CONTINUE TO RISE DRAMATICALLY.


  • RAPID DECLINE OF YOUR CREDIT SCORE.


  • YOU CAN BE SUED PERSONALLY AT ANY TIME RESULTING IN WAGE GARNISHMENTS, LIENS OR COURT APPEARANCES.


  • CREDITORS WILL FILE A1099 FORM WITH THE IRS AND YOU WILL HAVE TO PAY INCOME TAX ON WHAT EVER AMOUNT OF DEBT YOU'RE FORGIVEN.


  • The amount forgiven is considered income by the IRS. So you will pay taxes on the forgiven amount.




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    Important
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    Debt Consolidation Vs.
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