MSM stories are filled with news about people who “deal” with their credit card companies and are paying back pennies on the dollar. That’s a powerful incentive to be late. Real late.
***MSM stories are filled with news about people who “deal” with their credit card companies and are paying back pennies on the dollar.****
WHAT THEY DON’T TELL YOU! When Credit Card debt is forgiven the card company must notify the IRS. they will then send you a tax bill. They see it as income in the form of goods and services.
What works in the delinquent borrower’s favor at a time like this is that multiple lenders are scrambling to get whatever they can out of them. If you owe $5,000 on each of four different credit cards, the four lenders themselves are dealing with the likelihood that you’ll never pay off the entire $20,000. So even though they are technically negotiating witk YOU over how much you’ll pay, they’re actually negotiating against EACH OTHER to see which one gets something out of you and which one gets nothing.