It never fails to amuse me to hear critics of debt settlement warning those who are considering this form of debt relief that they may be facing a tax liability as a result of canceled debt. Even funnier are the warnings about the effect that debt settlement will have on your credit score.
Why do I find this amusing? Well, apparently these so-called experts have never been in a situation where theyre forced to choose between bankruptcy, debt consolidation, debt settlement or consumer credit counseling. When youre faced with tough financial decisions, and youre unable to make ends meet, the last thing you should be concerned with is your credit score. Rather, its time to find a solution to put your debt and sleepless nights behind you.
If youre contemplating debt settlement, but have heard some negative feedback you may have some legitimate concerns. That being said, please understand that your concerns relating to debt settlement should lie strictly in the area of some debt settlement firms out there who want nothing more than to take your money and provide little to no service. This should be your number one concern, not your credit score or tax liability. Well...
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