Credit card debt continues to be one of the major debts in the United States behind mortgage debt and student loan debt. Consumers still owe in excess of $850 billion in credit card debt. This is an alarming statistic because it shows that consumers are still dependent on credit cards to supplement income or to …
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Debt Resolution Fees are Tax Deductible
Death and taxes are the proverbial certainties in life. In my debt settlement practice, I always counsel prospective clients on the potential tax ramifications for negotiating a reduction in their unsecured credit card debt. Thanks to a Tax Court decision, I am pleased to share with my clients that fees paid to my firm for …