***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.
Let me rephrase that ... They see THE FORGIVEN DEBT as income in the form of goods and services.
I have a solution - I pay of my credit cards in full every month. It’ll bite me if we have massive inflation and everyone’s paying off their debt with worthless money.