You must be aware of tax effects of the solution you select. Yes, depending on the type of financial debt solution you choose based on your situation there may be tax consequences. For instance, there are no tax changes for you if you enter into a debt management program as that is a process that more »

The two primary forms of unsecured credit card debt relief are debt settlement and debt management. The latter is a service offered by consumer credit debt counseling companies who work very closely with the credit card companies to develop programs that allow you to repay what you owe over time. These programs include creating a more »

I’ve often stated that debt settlement is meant as a bankruptcy alternative and many people are not in a situation that warrants the drawbacks it can involve. A financial debt management program is a solution that people should consider if they need modest, not severe, help. It’s all about how unaffordable your current monthly unsecured more »

Basically any debt that is not “backed” by an asset is unsecured debt. When you buy a home, the bank gives you a loan that is backed by the home itself and you sign papers that state should you be unable to pay the bank back, the bank has the right to take over your more »

Everybody wants to know “Who is the best credit negotiation company?” and honestly that is not the right question to ask. You really should be asking: “What Credit Negotiation Company is Best for Me?” Like anything, you need to find an honest debt negotiation company that you believe is the best for you. There is more »

Credit card debt consolidation really only means taking your bills and combining them into one monthly payment and there are several ways to do this. Typically the phrase applies to your unsecured credit card debt and sometimes even your mortgage, not utility bills and car payments. It is a term that gets over used in more »

People visit this site to learn more about their debt relief options and they want guidance on which solution is best for them. Unfortunately, there is no “one size fits all” answer to that question but generally here is when you should consider credit card debt management as a solution for you. 1. You have more »

The questions about credit scores is the most common one I get on this site. Debt management plan will not hurt your credit score as negatively as a debt settlement plan. Typically, when you enter a debt management plan it will be noted on your score that you are getting assistance in managing your credit more »

When seeking assistance in determining if an offer in compromise may be available to you as an IRS tax debt relief solution, be careful that you seek the best help. In general, their are several types of people who can provide this service like lawyers, accountants, and federally licensed agents. I recommend you work with more »

The IRS offers a tax compromise in certain situations because they know it is their only option. If you prove to them you cannot pay them your tax, they are willing to take what you can afford vs. their alternatives of: 1. Never getting anything from you 2. Spending valuable time and resources chasing after more »

The IRS can grant an offer in compromise to people who owe large amounts of federal taxes that they have no way of paying. It is a solution to the debtor that reduces the total tax bill by a potentially huge amount, sometimes for pennies on the dollar. It is basically a settlement negotiation just more »

I read today that over 14% of the people living in the U.S. have ten or more credit cards. That is amazing! Who needs 10 credit cards? And more to the point, what are the consequences of so much easy credit floating around the average American household? I’ll tell you what the result is – more »

When trying to get out of debt, the decision to cut up your credit cards needs to be looked at on a case by case basis. There are many ways to reduce credit card debt and there are many different circumstances that cause most debt problems in the first place. One of the most important more »

Think of selecting a company to assist you in clearing out your debt in the same way that you select any other important financial service you use. You want to be especially careful when seeking out professional services that deal with your money. There are many websites owned by debt relief companies offering online debt more »

When using debt settlement programs to reduce the amount of debt you owe, you will pay the bills that qualify for the program to the settlement company, not your creditors (as you’d usually do). A typical large debt settlement company will set up a trust account on your behalf with a 3rd party organization like more »

When you hire a debt company to conduct a settlement for debt that you cannot repay, remember one key point – that your are HIRING them to do the work for you. You use their services because they are the professionals and will know the best way for you to use settlement to successfully get more »

To someone who does not understand the debt relief business and how it works, it can seem puzzling that you can reduce and eliminate your debt without filing for bankruptcy. To many people who are in serious need of debt help, it sounds too good to be true that credit negotiation services can get rid more »

Yes, the dreaded and mysterious credit score which is a far more important number in our lives than anyone would like to admit. However, few of us understand how are credit scores determined. Truthfully, it matters because it dictates how much we pay for any type of loan we need whether it is short term more »

There are 2 common types of bankruptcy, chapter 7 and chapter 11. The new bankruptcy laws (actually almost 2 years old now) make the common practice of filing chapter 7 bankruptcy much more difficult. Prior to the new laws, for most people who asked “Can I file bankruptcy?”, the answer was a resounding “yes, no more »

You want to know who’s the best at helping people like you get out of debt providing credit card debt help services? Like any service, “best” really depends on what is right for you. I have researched many debt companies personally and have helped over 15,300 people through this website. There are so many debt more »