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CREDIT CARD DEBT NEGOTIATION
It is commonly believed that any settlement arising from a credit card debt negotiation must be
reported on your taxes. This is not true. Normally, this advice is given by people who advocate
credit counseling, which is woefully ineffective compared to debt negotiation.
When people advise you to report a debt negotiation settlement on your taxes, they are thinking
of the rule that requires you to report any income over $600 to the IRS. (They think any savings
on a debt can be considered an advance in income.) However, debt works differently than income,
so you can actually write off the debt on a tax return. Keep in mind that this is only possible
if you are in the red financially.
AVOIDING BANKRUPTCY AND COUNSELING
This is one of the scare tactics used by credit counseling advocates, or even bankruptcy advocates.
Our purpose is to help you avoid these two solutions--which aren't very effective solutions at all.
They cause as many problems as they solve.
Bankruptcy stays on your record for over a decade. Counseling companies reduce debt at around eight
years--an improvement, to be sure, but not nearly as effective as the three years maximum that New Era Debt Solutions
offers. Credit counseling companies are also limited by the number of creditors that will even work
with them. We work with all types of creditors, including medical billing, department store debts,
financing agreements, and other billing issues.
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This message is brought to you by New Era Debt Solutions. When you contact New Era Debt
Solutions we will attempt to understand your situation as you explain it to us,
and suggest possible options. By calling and providing your personal information,
you agree that your personal information may be collected and you agree that you
will perform your own due diligence in reviewing whether any option presented is
sufficient and suitable for your personal situation, comfort and risk tolerance level.
Individual results may vary based on ability to save sufficient funds, and complete all
program terms. Creditors are not required to accept settlement offers made by New Era
Debt Solutions or its servicers nor are they required to settle for less than full balance.
Program does not assume or pay any debts, promise a specific reduction in debt, or provide
legal or tax advice. Program is not available in all states. Please request, read, and
understand all program terms prior to enrollment. By providing your contact information, you other
communications from New Era Debt Solutions and its affiliates or servicers and expressly
waive any Do Not Call List preference or registration.
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