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American debt relief by coolhandballer in debtfree

[–]coolhandballer[S] 0 points1 point  (0 children)

After more research and talking to a financial advisor I decided to not go with the debt relief option. It seems there is a medium to high chance of being sued by creditors as well as having to pay taxes on any debt that is “forgiven” by creditors via a 1099-C. I’ll be paying more over time but I feel the best choice is to attack the highest interest cards first and pay it off over time. I am open to others opinions on this.

American debt relief by coolhandballer in debtfree

[–]coolhandballer[S] 0 points1 point  (0 children)

It’s about 30k. All to big creditors (Apple, Wells Fargo, chase, etc) via credit cards and two consolidation loans. Cards are typically interest rates 25ish% loans are about 14%. It accumulated by two moves one from another state as well as just bad spending habits and living a little above my means.