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The Internal Revenue Service (IRS) can consider a loan that has been written off or settled by your creditors as a taxable income. In other words, you are liable to pay taxes on the forgiven debt amount you owed to your creditors.
Do you want to lower your multiple bills as well as save money at the same time? When you’re in a debt rut you may aim at organizing your debt and tips to lower your financial stress. If you think consolidation can solve your problem, then you’re mistaken. This is because most of the people aren’t aware of the drawback of different debt consolidation method. You can decide whether or not consolidation is a good option for you only after considering the drawbacks of its different types of consolidation loan. Here are some of the drawbacks of different types of debt consolidation loans: