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Even if you fall in a low tax bracket, you could face a huge bill to the IRS.
You may have heard that some creditors are willing to settle your debt for pennies on the dollar.
While you’re in the program, you won’t be able to use your credit cards or open new ones.
The plan is designed to get you out of debt in three to five years, after which all of your accounts should be reported as paid-as-agreed.
Debt consolidation companies like National Debt Relief and Freedom Debt Relief offer to help you through the process for a fee (eating into your savings).
They will instruct you to stop paying your bills, which leaves you open to lawsuits by your creditors.If you want to pay off debt fast, the best way is a two-pronged approach: Debt consolidation means taking out one new loan large enough to repay some or all of your outstanding debt.