Debt Settlement Booming

Debt settlement has been one of the hottest topics on this blog, judging by reader response. Now a New York Times article confirms that credit card companies are settling debts for less than the full balance. The article does not refer to the debt settlement industry, except in a brief [more...]

Date: 2009-01-03 21:56:30

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Old Debt Settlements Can Come Back to Haunt with Large Tax Bite

Q. I settled a debt in 2007 for less than owed, paying $15,000 on a $22,000 debt ... you for being so singled out)! Most of the time if you settle your debt with credit card companies ... as a result of cancellation of debt. The amount of forgiven debt will count as income. According to the IRS [more...]

Date: 2008-12-01 14:54:03

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