CW11: How to Settle Your Debts in 3 Steps

On today’s show I answer the following questions:

• Who is a good candidate for debt settlement?
• Does it matter how many creditors you have?
• Are there any good debt consolidation companies out there?
• What is the “S.L.O.” method to debt settlement?
• How much can I expect to pay as part of my debt settlement program?
• Will I get a 1099-C if I settlement my debts, and what will that mean for my taxes?

Feedback from Last Week’s Show on Dave Ramsey

Last week, in episode #10, I discussed Dave Ramsey, his approach to bankruptcy, and my thoughts on it. I was somewhat surprised by the reactions and how strongly people felt on both side’s of the issue.

Do you have any opinion on Dave Ramsey?  Head on over the The Consumer Warrior Project’s Facebook page and let us know what you thing.

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Is Debt Settlement a Good Option?

There are a number of reasons that people want to seek out debt settlement as a way to deal with their debt problems rather than file for bankruptcy. At its most basic, debt settlement is simply paying a creditor less than the amount currently owed.

There are a number of factors that determine if debt settlement will be successful, including:

• The Number of Creditors You Have.
• The Amount of the Debt.
• How much money you have saved or have access to.
• How delinquent the debt is.

Do you have more questions on topics like bankruptcy, foreclosure, debt collection lawsuits, or wage garnishment? Head on over to the Consumer Warrior Project homepage for free access to hundreds of articles, videos, and audio podcast episodes.

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