Debt settlement: What it is and how it works Sometimes known as debt relief, debt settlement occurs when you and a creditor agree to settle debt for less than what you owe. That settlement can involve reducing the principal amount in exchange for a lump-sum payment or decreasing the interest...
How to Settle Your Tax Debt by Negotiating a Payment Plan with the IRSMichael Rozbruch
Paying your taxes on time is critical for any taxpayer earning money in the United States. Yet, special circumstances may arise that leave you unable to pay taxes owed by the deadline. The IRS understands this, which is why they give taxpayers the option to settle their taxes. It is criti...
An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's Day, but there are less expens...
Here are some resources to consider: The Small Business Administration Grants.gov Bank of America’sAccess to Capital Directory. This is a comprehensive database designed to help business owners learn about and find grant capital and other sources of funding, including equity and debt, with a spe...
Turn to debt settlement or bankruptcy as a last resort: Debt settlement allows you to settle your debt for a lower amount, but usually with major consequences on your credit. Similarly, though bankruptcy can help discharge your unsecured debt (except student loans), it has long-term negative ...
“Be flexible where you can when it comes to product availability and deals,” says Mary Hines Droesch, head of consumer and small business products at Bank of America. “Be open to substitute items and generic brands as cheaper alternatives.” 5. Buy Local and in Season Whether you...
Knowing what comes in and what goes out of your bank account every month is the first step in saving money. If you haven't already—or it's been a while—sit down with your paystubs and bills for the month. This will give you the chance to see how much you're spending on essential...
Debt Negotiation Debt negotiation involves contacting your creditors and asking them to work with you to either reduce the interest you’re being charged or if they’re willing to settle for less. “It is possible to negotiate directly with your creditors, but it is usually more successful for...
A common way to settle your credit card debts is to get a loan from the bank, and then pay the bank back in one monthly payment rather than multiple creditors. The same can be done with IRS tax debt using a loan from aprivate lender. This isn’t necessarily the smartest debt solution...