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Credit Card Debt Forgiveness - A Good Solution To Reduce Credit Card Balances?
When you are drowning in debt it sometimes feels like there is no solution to your problems. Don't despair. You may find that your creditors have a policy of credit card debt forgiveness.
What does this mean? When you have a credit facility in place, you'll owe a specified sum of money made up of what you originally borrowed or spent, interest and other charges. If you fall behind in your contractual payments, the company will usually charge you a late payment fee. They may even increase the rate of interest you're paying. The result is that you can discover your debts rising at a very fast rate.
A number of companies will accept a lower amount than you owe in settlement of the account. So if your declaration shows an outstanding balance of $6,000, they may allow you pay $4,500 and close the account without taking any further step to claim the balance. If you do negotiate a settlement like this, you need to ask the company to confirm in writing that they are accepting it on a "full and final" basis and that they will not seek to claim any more money in relation to this debt in the future.
You do need to be alert that if they accept a lesser amount and the difference between what you owed and what you paid was $600 or more, you need to declare the figure on your tax return. You may be legally responsible to tax on this figure as the IRS may treat it as additional income. If they do or not will depend on your personal circumstances, your earnings, deductions and overall economic situation.
You also should know that if your creditors accept reduced amounts, your credit record may be adversely affected. This can make it very hard for you to obtain new borrowing facilities in the future.
So before you take any action you must make sure that credit card debt forgiveness is the right way for you. It might at first seem like the easy way out but things are not always as they first appear. It seems obvious but the best way to get out of debt is to try to raise the cash to pay back your debts in full either by selling assets or working extra hours. This isn't always possible.
It is imperative that you compile a financial budget which proves that you can afford to pay any settlement figures offered while at the same time ensuring that you are not swopping a debt for a tax bill and a damaged credit rating!
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