Sep 06
Credit card banks may offer settlement at a reduced amount if you get behind and fail to keep current on your payments. My colleague, Doug Jacobs, talks about Negotiating Your Credit Card Balance in an earlier series of articles on this website. However, if a bank or other finance company agrees to settle a debt for less than the balance due, IRS regulations require them to file a 1099-C reporting the cancellation of debt income you receive from the settlement. While settling a debt for less
