Tax Implications for Settling Credit Card Debt (and How to Minimize What You Owe)
Americans’ total credit card balance reached $1.079 trillion in the third quarter of 2023. With this staggering debt amount, it’s not uncommon for some to seek debt settlement and debt forgiveness. However, because paying less than you owe means you’re not entirely fulfilling your obligation, cancellation of debt may become a tax burden later on. […]
What a Debt Collection Agency Can (and Cannot) Do
The Consumer Financial Protection Bureau (CFPB) debt collection complaints accounted for a significant portion of all consumer complaints received in 2022. With so many Americans seeking recourse against debt collectors, everyone should understand how federal laws and state laws govern the practices of these agencies and ensure consumer protection. When you fail to pay back […]
How to Avoid Paying a Civil Judgment
A person or company can take legal action against you in court. If the judge rules in their favor, a civil judgment is entered against you. Not answering the lawsuit at all — meaning you chose not to defend yourself against the allegation — can also result in a default judgment against you. A “judgment” in […]
