
Quoting
Mr.Fix_It
My question involves collection proceedings in the State of: PA
Hi everyone. I owe about $20,000 on 3 credit cards and have decided to pay them off using money I received from an inheritance. I know several people who were able to successfully settle their debt for less than they owed. I am not in collections and all my accounts are current and have been making monthly payments on time. Even if I could save just a few hundred it's worth it in my opinion to try and lay less. Some of these balances are over 5 years old and have been making minimum payments that whole time. I understand any debt forgiveness must be accounted for as income on my 1040. Any advice? Thanks.