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Credit Counseling If You're Having Difficulty Paying Your Creditors

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If you're having difficulty paying your creditors, credit counseling services can help you reduce your debt and create a payment schedule you can live with. Many good companies work for free - they get paid by the credit card companies. One service to consider for free or low-cost credit counseling and help with debt consolidation is the nonprofit Natoinal Foundation For Credit Counseling. Call 800.388.2227 or go to offsite link

It is wise to avoid credit-repair companies. They are not credit counseling services.

NOTE: If you settle a debt for less than the amount owed:

  • The transaction becomes a negative on your credit score and stays on your credit report for seven years. 
  • You may also owe income tax on the amount which is forgiven in a settlement. For example, if you owe $5,000 but settle and pay only $2,000, you may owe tax on $3,000 ($5,000 - $2,000)

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