What is the Best Way for Me to Eliminate My Debt? – Tom

I have about 75,000 of credit card debt

I want to know the best way to eliminate as much of my debt as I can. I’ve looked into debt resolution which seems to make sense to me but can’t find a provider that looks legitimate.

Are there any good debt resolution companies out there that will reduce my debt by 50% or more with no tax consequences?

If not what is the best alternative?

Thanks

Tom

I’m currently backed-up on answering questions so I’m posting some of the questions here for you to help answer.

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

Steve Rhode
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2 thoughts on “What is the Best Way for Me to Eliminate My Debt? – Tom”

  1. I guess my first question is, how do you know debt settlement is the best option for you?  Did you look at credit counseling/bankruptcy as well? 

    Assuming that you researched each debt relief option, there’s no guarantee that a debt settlement company will reduce your debt by 50% or more.  It will depend on who your creditors are.  For example, if you have a Discover account, it’s not likely that you’ll achieve a 50% settlement rate or better. 

    Credit card companies are required by the IRS to report any debt that is forgiven if it’s more than $600.  I would first look into seeing if you are insolvent or not (you owe more than what you are worth).  From my experience, most people are insolvent, but definitely check with an account to validate this.

    Reply
  2. I guess my first question is, how do you know debt settlement is the best option for you?  Did you look at credit counseling/bankruptcy as well? 

    Assuming that you researched each debt relief option, there’s no guarantee that a debt settlement company will reduce your debt by 50% or more.  It will depend on who your creditors are.  For example, if you have a Discover account, it’s not likely that you’ll achieve a 50% settlement rate or better. 

    Credit card companies are required by the IRS to report any debt that is forgiven if it’s more than $600.  I would first look into seeing if you are insolvent or not (you owe more than what you are worth).  From my experience, most people are insolvent, but definitely check with an account to validate this. 

    Reply

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