If you have had a debt forgiven in the last year, you may be required to pay income taxes on the total amount when tax season rolls around. Forgiven debts are considered taxable income in most cases, and income from forgiven debts even has its...
Dealing with calls from a debt collector is never fun. When debt collectors start calling, you need to have a plan for dealing with them. If paying in full is not an option for you, you may want to consider negotiating your debt with the...
If making regular monthly payments isn’t enough for you to pay off your debt, consolidation could be the right solution for you. Debt consolidation is a debt reduction strategy where you combine all of your debt into one single monthly payment at the lowest possible...
Want to learn more about how to set smart goals? SMART stands for Specific, Measurable, Assignable, Realistic, and Time-Related. If you want to eliminate debt quickly, the experts at Pivotal Wealth can teach you how to use SMART goals and other debt reduction strategies to...
Your debt to income ratio is the total amount of all your monthly debt payments (car loan, mortgage, credit card payments) divided by your monthly income. Debt to income ratio is one of the main ways lenders measure your creditworthiness and your ability to manage...
Most people have some kind of debt. Whether it’s student loans, credit card debt, auto loan debts, a mortgage or something else, you likely have a source of debt that is causing you some stress each month as you work to make payments on it....
If you’ve been researching debt relief options, you’ve likely come across the term “debt settlement” before. If this term sounds confusing or complicated to you, you’re not alone. Although settlement can be a very effective method eliminating debt, many people are unfamiliar with the process....
Getting into debt can be so easy, but getting out of debt is often painfully difficult. If you’ve found yourself trapped in a mountain of debt, you’re likely searching for any way to pay down your balance and get out of debt. Read on to...
If you find yourself falling behind on your bills, the debt collectors will likely come calling. Debt collectors are legally obligated to follow certain guidelines when collecting debts. Getting calls or a notice from a collections agency can be stressful, but if you know your...
When it comes to your financial life, your credit score is one of the most important factors. Banks use your credit score to determine whether or not you qualify for a credit card or loan. It can be used to determine whether or not you...