Tax Implications for Settling Credit Card Debt (and How to Minimize What You Owe)
Americans’ total credit card balance reached $1.079 trillion in the third quarter of 2023. With this staggering debt amount, it’s not uncommon for some to seek debt settlement and debt forgiveness. However, because paying less than you owe means you’re not entirely fulfilling your obligation, cancellation of debt may become a tax burden later on. […]
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