Debt Consolidation vs. Debt Settlement: Understanding Your Options
Learn the difference between debt consolidation and debt settlement, and understand the best option for managing your debts and regaining financial stability.
Debt Settlement
Debt settlement is the process of offering a large, one-time payment toward an existing balance in return for the forgiveness of the remaining debt. – Source- Wikipedia
Reduce Your Debts Without Bankruptcy. See How Much You Can Save. Free Debt Analysis
Discharged Debt: The Path to Relief and Financial Recovery
Discover the process of discharging debt, improving financial wellbeing, and achieving long-term financial recovery with this comprehensive guide.
Got Debt? 5 Financial Terms You Must Know
Getting a loan or obtaining new credit when you’re already in debt isn’t easy – especially if your credit rating has suffered for any reason in the recent past. But it is possible to obtain credit – either a personal loan, a credit card or even larger loans like a mortgage – if you know …
Will Credit Counseling Hurt My Credit Rating?
Q: Hello Ms. Khalfani-Cox. Is it better to work with a debt management company and pay off a lot of creditors every month over a long period of time (I would be paying off the full amount of the debt… not settling (debt settlement)). Or is it best to contact each creditor who has reported me to the …
Will Debt Settlement Appear On My Credit Report?
Q: Hi, I have rec’d an offer of settlement from a collection agency representing CitiCard for about 18% of the current balance. When I asked to have the “line item” (delinquency) deleted from my record (credit report), the manager responded that: 1) it can’t be done; 2)maybe it could be done but only with a …
Will Debt Settlement Appear On My Credit Report? Read More »
How to Get Out of Debt
If one of your personal or financial goals is to get out of debt this year – or at least eliminate your debt as soon as possible – now is a great time to get started. Becoming debt-free takes work. But it doesn’t have to be an overwhelming chore. Simply following proven strategies below to …
Lynnette Khalfani-Cox on The Daily Drum WHUR 96.3 Howard University Radio
Listen to Lynnette Khalfani-Cox, The Money Coach during her appearance on The Daily Drum with host Harold Fisher. The Daily Drum is broadcast on Howard University Radio, WHUR-FM 96.3 FM. During this interview Lynnette talks about: How to eliminate your credit card debt How Lynnette got into debt? How Lynnette negotiated with her creditors How …
Lynnette Khalfani-Cox on The Daily Drum WHUR 96.3 Howard University Radio Read More »
The Dangers of Using Debt Settlement Companies
With the average U.S. household owing more than $10,000 in credit card debt, it’s no surprise that millions of consumers are turning to debt management companies or debt settlement firms to become debt free. However, there are enormous differences between these two types of organizations. A good debt management company, such as the National Foundation …
I am Facing Wage Garnishment. What Should I Do?
A subscriber is facing garnishment of their wages. Click to hear Lynnette’s advice on how to fight wage garnishment.
Can I Offer A Settlement For A Defaulted Student Loan?
Q: I am at month 11 of a student loan rehabilitation program for a defaulted loan of about $80,000. I have made 10 on time monthly payments of $550. My parents will help me offer a lump sum payment to settle this debt. I am looking at offering $30,000 to $40,000. The collection agency wants …
Can I Offer A Settlement For A Defaulted Student Loan? Read More »
Will I Receive Form 1099-C If I Settle A Debt?
Q: Is it true that I will be given a 1099-c when I settle a debt for $600 or more off the amount that was due? If so exactly what does this mean? What is the tax percentage I will be charged? Is there a tax penalty fee for this? And will this increase my …
Is Debt Settlement Right For You?
A subscriber wants to know if they should consider Debt Settlement as an option?
Will Accepting a Settlement Offer From a Credit Card Company Affect Your Credit Score?
Accepting a settlement offer from a credit card company will negatively impact your credit rating and lower your credit scores. The reason for this is that when a settlement occurs, a creditor has agreed to accept less than the full amount of money owed to it – even though the creditor, internally, will consider the …
Will Accepting a Settlement Offer From a Credit Card Company Affect Your Credit Score? Read More »
Debt Management Vs. Debt Settlement Explained
Q: I Need Help With Credit Card Debt But Am Worried About Scam Companies. Can You Refer Me to a Good Debt-Elimination Program, and Explain the Difference Between a Debt Management Company and a Debt Settlement Firm? A: With the average U.S. household owing more than $10,000 in credit card debt, it’s no surprise that …