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Even if you fall in a low tax bracket, you could face a huge bill to the IRS.

The debt settlement process involves hard-core, long term debt collection attempts by your creditors, and serious credit score damage that will last for many years.

Debt consolidation makes sense for people who want to make one payment each month instead of several, and for those who can lower the amount of interest they pay by taking the new loan.

You can figure out how long it will take to pay off your debt using a debt payoff calculator like this one from CNN Money.

The latter might come with a zero percent introductory interest rate, giving you several months or more to pay down your balance interest-free.

The best debt consolidation solution is one that simplifies your financial life or lowers your cost of debt, or both.

Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).

You get the money, pay off your accounts, and then make a single monthly payment to pay off the new debt.In reality, credit card debt forgiveness is rare and tricky, and can be very costly. Then you have to convince your creditors that you don’t have the means to repay your debt and your situation isn’t likely to change.If you manage to work out a debt settlement agreement, the creditor is all but guaranteed to report your forgiven debt to the IRS. The amount of tax you owe on the forgiven debt depends on your adjusted gross income and your tax rate.While you’re in the program, you won’t be able to use your credit cards or open new ones.The plan is designed to get you out of debt in three to five years, after which all of your accounts should be reported as paid-as-agreed.

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