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You can often negotiate to pay a lump sum that is less than the full amount owed to settle the debt. Always get the settlement agreement in writing before sending any payment. Be aware that the forgiven amount may be reported to the IRS as taxable income.
Payments 30+ days late are reported to bureaus and can remain on your report for 7 years. Even one late payment can cause a significant score drop.
Childcare debt refers to personal debt, often on credit cards or personal loans, that is accumulated specifically to pay for essential childcare services like daycare, babysitters, or after-school programs.
Liabilities are all your debts. This includes revolving debt (credit card balances), installment debt (auto loans, student loans, personal loans), mortgages, and any other money you owe, such as medical bills or back taxes.
A balance transfer can help in two ways: it consolidates debt onto one card (potentially improving the utilization on other cards), and if the new card has a high limit, it can significantly improve your overall utilization ratio. Be cautious of transfer fees and promotional rates ending.
