Are you thinking about reducing credit card debts? The debt negotiation services make this option very tempting. They talk about settling credit card debt for pennies on the dollar. While you can settle your debts for less than what is owed, there are things you have to understand about this type of debt relief.
Debt settlement will ruin your credit and any amount your debt that is forgiven will be considered income and you will be sent a document by the government to pay taxes on this money. There are other options that may work better for paying off credit card debt. Debt reduction credit card consolidation or a debt management plan allows you to consolidate unsecured debt without a loan. Only one payment each month is needed.
You do have options if you have debt, but it is up to make the decision to work to be debt free. It will take persistence and the motivation to not want to make credit card interest payments every month. It is in your best interest not to be a slave to the credit card companies.
Debt settlement will ruin your credit and any amount your debt that is forgiven will be considered income and you will be sent a document by the government to pay taxes on this money. There are other options that may work better for paying off credit card debt. Debt reduction credit card consolidation or a debt management plan allows you to consolidate unsecured debt without a loan. Only one payment each month is needed.
You do have options if you have debt, but it is up to make the decision to work to be debt free. It will take persistence and the motivation to not want to make credit card interest payments every month. It is in your best interest not to be a slave to the credit card companies.