9 Tips for Avoiding Debt Relief Rip-offs Scams

Part 6 of How to Choose a Credit Counselor. Steer clear of debt relief companies that: charge any fees before it settles your debts guarantee they can remove your unsecured debt tout a “new government program” to bail out personal credit card debt promise that unsecured debts can be paid off with pennies on the […]

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Tax Consequences of Debt Relief Services

Part 5 of How to Choose a Credit Counselor. Depending on your financial condition, the amount of any savings you obtain from debt relief services can be considered income and taxable. Credit card companies and others may report settled debt to the IRS, and the IRS considers it income, unless you are “insolvent.” You are […]

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Debt Settlement Programs

Part 4 of How to Choose a Credit Counselor. Debt settlement differs greatly from credit counseling and Debt Management Plans. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why the FTC and many states have laws or rules […]

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Debt Management Plans

Part 3 of How to Choose a Credit Counselor. If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan. A Debt Management Plan alone is not credit counseling, and Debt Management Plans are not for […]

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Choose a Credit Counseling Organization

Part 2 of How to Choose a Credit Counselor. Reputable credit counseling organizations advise you on managing your money and debts, help you develop a budget, and usually offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your […]

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Introduction: How to Choose a Credit Counselor

Part 1 of How to Choose a Credit Counselor. Living paycheck to paycheck? Worried about debt collectors? Can’t seem to develop a workable budget, let alone save money for retirement? If this sounds familiar, you may want to consider the services of a credit counselor. Many credit counseling organizations are nonprofit and work with you […]

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