Consolidating debt loans with bad credit

07-Apr-2017 13:23

You’ve got several options when you make the decision to eliminate debt.

If you’re financially drowning, of course you can declare bankruptcy.

You may have heard that some creditors are willing to settle your debt for pennies on the dollar.

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It is easier to make one payment each month than a slew of different payments with separate due dates.To get out of debt, you need to review the different debt relief options available. The smartest thing to do is to compare the different options and weigh the pros and cons.You can try to solve the problem on your own or you can find the right kind of professional assistance. created the Debt Navigator, a free tool that helps you find the right solution for your debt problem based on goals and priorities you specify.Two common professional options for getting out of debt are credit counseling and debt settlement.

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Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).If you manage to work out a debt settlement agreement, the creditor is all but guaranteed to report your forgiven debt to the IRS. The amount of tax you owe on the forgiven debt depends on your adjusted gross income and your tax rate.Even if you fall in a low tax bracket, you could face a huge bill to the IRS.Rates are even higher for smaller loan amounts, with a ,600 loan advertised with a rate of 174%!