The drawbacks of debt settlement include the possibility that creditors will refuse to negotiate, potential harm to credit scores, a timeline ranging from several months to several years, the potential for written-off debt to be considered taxable income, and the inclusion of fees.

Authors

• Person: Not available Organization: Bankrate
  A Comprehensive Guide To Debt Relief Programs | Bankrate

Sources

• A Comprehensive Guide To Debt Relief Programs | Bankrate www.bankrate.com Bankrate via serper

Referenced by nodes (1)

• debt settlement concept