Tampa financial planner Paula Albertson offered helpful advice on how to settle an outstanding balance with a credit card company during WFLA’s Money 911 segment Monday night, reported Tampa PR Firm, The Publicity Agency. Albertson says most credit card companies will try to work with you.
“If you negotiate, you can usually get a credit card company to take 50 cents, or in some cases even 20 cents, on the dollar,” says the Tampa financial planner. “The credit card company writes off the rest, but you can expect the company will send you a 1099 tax form for the amount written off.”
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Albertson says you can also expect your credit report to take a hit if you settle a debt without paying in full. “But in the end, a settled account is much better than a delinquent account,” she says.
For more on Paula Albertson and her “Women, Wisdom, and Wealth…Why Not?®” program, please visit www.albertsonfinancialgroup.com.
Source: prnewschannel.com
