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Debt Settlement - Should You Take That Credit-Card Settlement? Credit Score, Taxes (1099-C), and Smart Strategy
Steve Rhode — the original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — break down the real-world pros and cons of accepting a credit-card debt settlement. We explain why banks won’t deal early but suddenly send settlement letters before charge-off, how “settled for less than full balance” impacts your credit report, and what the IRS does with forgiven debt (hello, 1099-C). We also demystify IRS Form 982 (insolvency) — when it can eliminate income taxes on canceled debt, and why you might owe taxes once you’re no longer insolvent. Plus: timing mistakes to avoid, when…
The skinny
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