Emotion and haggling through debt settlement
Here are two things to keep in mind while attempting a debt settlement.
Read More
How to Consolidate Credit Cards into a Lower Payment
How can one lower payment replace several high credit card payments?
Read More
Saving Money with Coupons
Just spend a little time looking and organizing, and your savings with coupons and rebates can be well worth your time!
Read More
What are hard inquiries and why do they matter?
As you looked over your credit report in the past, you probably briefly skimmed the inquiries section. Have you ever wondered how those inquiries affected your credit score?
Read More
What is Ginnie Mae?
Do you need to know more about Ginnie Mae?
Read More
Tips to Control Spending
Controlling spending doesn't mean you have to do without.
Read More
Paid Collection Still Appearing
Collection records remain even after balances are paid.
Read More
Debt management companies in Maryland
Here are some companies you can check out.
Read More
Apartments and credit checks
If landlords check your credit first, there may be a fee added to the application.
Read More
Lowering Credit Card Debt Begins with Recording your Expenses
Stop taking on new debt to begin with.
Read More
1
2
3
4
5
6
7
8
9
10
Start
Call us now
1-800-838-0861
Ask a Question
Alan Greenspent
Debtors Fight Back
Solvency Shark
Bankruptcy and Legal
Budgeting
Credit Cards
Credit Scoring
Debt Management
Debt Settlement
Debt Collection
Loans
Online Counseling
Calculators
Get Help Now
Avoid Scams
Bill Help
FAQs
File Taxes
Lower Interest
Lower Payments
Improve Credit
Sample Letters
Settle Debt
Authors
Media
Partners
Home
Blog
Forums
Articles
My Debt
How To...
About Us
Home
|
Articles
|
Debt Settlement
|
What You Need to Know When Settling Debt
What You Need to Know When Settling Debt
By
Talha Alvie
on Jan. 5, 2011
If you’re drowning in debt, you may have considered settling with your credit card company. Before you do so, there are a few things you need to know.
The best solution to debt problems is obviously paying off all of your debt. As this may not always be feasible,
settling your debt
with the credit card company is probably your second best option. Keep in mind that, once you settle an account with a credit card company, a “settled as agreed” comment will appear on your credit report. This will most likely have a negative impact on your credit report, but it is significantly better than having unpaid accounts.
Given this, you should weigh the impact of having a “settled as agreed” comment on your credit report against the cost of paying off your debts in full. In most cases, it is more cost effective to choose the former.
Another option you may be considering is turning to a
debt settlement company
. This may seem very attractive, but in the end may be a very costly solution. One of the biggest problems is that settlement companies often don’t tell you how much they’re going to charge. Some charge a percentage of total debt or debt savings, while others charge a flat fee. In addition to all of this, their services are not inexpensive.
Finally, you should note that debt settlement is taxable. Any
debt forgiveness
exceeding $600 is considered taxable income. You should also weigh any changes in your taxes when deciding whether or not to settle your debt.
The major lesson to take away is that you should carefully note the
pitfalls of debt settlement
before you consider it. It is not a solution for everyone, but if done right it can help make life a little easier.
Current Rating: 0 (0 ratings)
Share:
Defeat Your Credit Card Debt Today!
First name:
Last name:
E-mail address:
Phone number:
(
)
-
Second part
Third part
Debt amount:
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
$8,500
$9,000
$9,500
$10,000
$10,500
$11,000
$11,500
$12,000
$12,500
$13,000
$13,500
$14,000
$14,500
$15,000
$15,500
$16,000
$16,500
$17,000
$17,500
$18,000
$18,500
$19,000
$19,500
$20,000
$20,500
$21,000
$21,500
$22,000
$22,500
$23,000
$23,500
$24,000
$24,500
$25,000
$25,500
$26,000
$26,500
$27,000
$27,500
$28,000
$28,500
$29,000
$29,500
$30,000
$30,500
$31,000
$31,500
$32,000
$32,500
$33,000
$33,500
$34,000
$34,500
$35,000
$35,500
$36,000
$36,500
$37,000
$37,500
$38,000
$38,500
$39,000
$39,500
$40,000
$40,500
$41,000
$41,500
$42,000
$42,500
$43,000
$43,500
$44,000
$44,500
$45,000
$45,500
$46,000
$46,500
$47,000
$47,500
$48,000
$48,500
$49,000
$49,500
$50,000
$50,500
$51,000
$51,500
$52,000
$52,500
$53,000
$53,500
$54,000
$54,500
$55,000
$55,500
$56,000
$56,500
$57,000
$57,500
$58,000
$58,500
$59,000
$59,500
$60,000
$60,500
$61,000
$61,500
$62,000
$62,500
$63,000
$63,500
$64,000
$64,500
$65,000
$65,500
$66,000
$66,500
$67,000
$67,500
$68,000
$68,500
$69,000
$69,500
$70,000
$70,500
$71,000
$71,500
$72,000
$72,500
$73,000
$73,500
$74,000
$74,500
$75,000
$75,500
$76,000
$76,500
$77,000
$77,500
$78,000
$78,500
$79,000
$79,500
$80,000
$80,500
$81,000
$81,500
$82,000
$82,500
$83,000
$83,500
$84,000
$84,500
$85,000
$85,500
$86,000
$86,500
$87,000
$87,500
$88,000
$88,500
$89,000
$89,500
$90,000
$90,500
$91,000
$91,500
$92,000
$92,500
$93,000
$93,500
$94,000
$94,500
$95,000
$95,500
$96,000
$96,500
$97,000
$97,500
$98,000
$98,500
$99,000
$99,500
$100,000
$100,000++
State:
AL
AK
AZ
AR
CA
CO
CT
DC
DE
FL
GA
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
RI
SC
SD
TN
TX
UT
VT
VA
WA
WV
WI
WY
Security code:
*Please input the following code
to safely submit your information.
Enter security code:
Bankruptcy and Legal
Budgeting
Credit Cards
Credit Scoring
Debt Management
Debt Settlement
Debt Collection
Loans
Home
Blog
Forums
Articles
My Debt
How To...
About Us
Legal
Privacy
Copyright © 2010-2012 DebtorsUnite.com. All rights reserved