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How to clear credit card debt?
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13th Dec 2009 by Mark P. Cussen, CFP, CMFC
As you might expect, the simplest way to clear out credit card debt is simply to pay it off. If this is not possible, you can sometimes negotiate a settlement amount to pay them instead. If you do this, then the credit card company will issue you a Form 1099-C at the end of the year showing the amount of debt that they forgave you. You must then report this amount as income on your taxes.
As you might expect, the simplest way to clear out credit card debt is simply to pay it off. If this is not possible, you can sometimes negotiate a settlement amount to pay them instead. If you do this, then the credit card company will issue you a Form 1099-C at the end of the year showing the amount of debt that they forgave you. You must then report this amount as income on your taxes.
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