Summary
Debt relief programs let borrowers renegotiate or settle unsecured debt for less than the full amount owed. These services may offer reduced balances, lower interest rates, or consolidated payments in exchange for lump-sum or structured payments. Before enrolling, borrowers should explore more affordable alternatives, such as credit counseling. Common dangers include high fees, a worsening credit score, and potential lawsuits if payments are paused during negotiations. Forgiven debt can even count as taxable income. Choosing a reputable provider, weighing the risks, and seeking tax advice are essential steps before committing to such a program.
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Debt Relief Programs Explained: What They Are And How They Work