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

By on May 27, 2011
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

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  1. Kevin

    June 13, 2011 at 8:31 pm

    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.

  2. Kevin

    June 14, 2011 at 12:31 am

    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. 

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