The student loan debt crisis has worsened over the last decade, with an average balance of more than $30,000. If you’re struggling to keep up with your monthly payments, you may be wondering, “Can you settle student loans?”
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Consolidating debt can have a significant positive impact on your finances, especially if it helps you pay down your debt more quickly and with interest savings. But you may be wondering, “Does debt consolidation hurt your credit score?”
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If you’ve stopped making payments on a debt balance, your lender or a debt collection agency will likely start actively trying to collect within a handful of months. But states have instituted a statute of limitations on debt, which can help protect you from old debts.
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Debt consolidation is an umbrella term that includes many different approaches to paying off debt. For example, many debt settlement companies advertise themselves as debt consolidation companies, even if they don’t use traditional consolidation programs.
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Collection accounts can hurt your credit to the point where it can be difficult to qualify for a loan or credit card. Over time, though, the negative impact of a collection account can diminish.
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Having a healthy savings account is always a good idea. It helps financially protect you from the unexpected and can help you reach financial goals. But if you’re also sitting on some debt, you may consider using your savings to pay it off.
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Whenever you borrow money, you have a legal obligation to repay it in full. Settling debt for less than you owe is a possibility. But because it means you’re not completely fulfilling your obligation, there may be tax consequences. When settling credit card debt, tax implications may include treating the settled debt as taxable income. […]
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2020 has been a challenging year for all of us. As the COVID-19 pandemic has wreaked havoc worldwide, small businesses have not been spared.
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If you have a debt in collections, you may be tired of incessant phone calls from collectors. And on top of that, your credit may be taking a hit.
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If you’re struggling financially and bogged down by debt, you may believe bankruptcy is your only way out. But because of its long-lasting effects, bankruptcy is a less-than-ideal option.
Read NowWhile our staff and attorneys are based in New York, Tayne Law Group P.C. serves clients from across the country! Whether you prefer to talk on the phone, schedule a video call, or want to come into one of our New York locations, our staff and lawyers are here to answer any of your questions.
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We have more than 20+ years of experience providing clients with debt relief.
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We work with all creditors, whether you’re dealing with a collections firm, a national bank, credit union, or another lender.
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Attorney advertising. Prior results do not guarantee a similar outcome. The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice or tax advice for any individual case or situation.
Your initial phone consultation is free and requires no committment!
A team member will respond within 1 business day.
A Tayne Law team member will respond within
1 business day.
Call (866) 890-7337