Help with consolidating bills

Try a do-it-yourself debt payoff method instead, such as the debt snowball or debt avalanche.

Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.

Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).

Some people consider credit card debt bad and mortgage or student loan debt good.

In reality, credit card debt forgiveness is rare and tricky, and can be very costly. Then you have to convince your creditors that you don’t have the means to repay your debt and your situation isn’t likely to change.

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.

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