23yrs old Single Own a 5k car Don't rent or own a house Income 5k/mo average
3 Credit cards
1. Capital One - $500. I always make payment but always a high balance.
2. Discover - $1250. I always make payment but always a high balance.
$23k owed. Stopped making payments about 2yrs ago. Have been making $25/mo payments to the debt collector for about a year now to keep them off my back. Last time I talked to them there offer was $8k to settle.
I have 10k saved up. Should I pay them all off or should I file Bankruptcy?
Side question since if I pay it I'll owe taxes on the unpaid amount how much do you think I"ll have to pay? I'll make about 45k this year, am single & don't own a house.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
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The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.