The landscape of overextended personal debt is often divided into two distinct territories: unsecured obligations like credit cards and the more peril...
Read More
Navigating the vast landscape of credit card offers can feel like a daunting task, yet selecting the right one is a fundamental act of financial self-...
Read More
The crisis of overextended personal debt often brings to mind maxed-out credit cards and overwhelming loan payments, yet a deeply consequential and st...
Read More
Entering one’s fifties and beyond, the specter of overextended personal debt shifts from a financial challenge to a profound threat to one’s entir...
Read More
The reality of overextended personal debt is a landscape of profound anxiety, where monthly obligations eclipse income and the future feels foreclosed...
Read More
The relationship between overextended personal debt and net worth calculation is a stark exercise in financial reality, revealing a sobering truth tha...
Read More
A financial hardship program is a temporary arrangement offered by a creditor or loan servicer that provides modified payment terms to borrowers experiencing a legitimate financial difficulty, such as job loss, medical emergency, or military deployment.
Commit to one small action. This could be ordering your credit report, writing down all your debts on a single piece of paper, or calling a non-profit credit counseling agency. One step forward can build momentum and diminish feelings of helplessness.
Conduct a spending audit to identify non-essential leaks (subscriptions, dining out). Use windfalls like tax refunds or bonuses. Sell unused items. Start with any amount, no matter how small, to build the habit.
Look for agencies affiliated with national organizations like the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA). Always verify their non-profit status and check reviews with the Better Business Bureau.
Yes, the IRS generally considers any forgiven debt over $600 as taxable income. You will receive a 1099-C form for the settled amount, meaning you must report that amount as income on your tax return for that year.
