Debt settlement is the process of offering a large, one-time payment toward an existing balance in return for the forgiveness of the remaining debt. – Source- Wikipedia
Reduce Your Debts Without Bankruptcy. See How Much You Can Save. Free Debt Analysis
A Credit Card Charge-Off is a formal accounting status that means a creditor has written your account off as a loss — but the debt still exists and you remain legally responsible. This event usually follows months of missed payments, and it has immediate, serious consequences for your credit score and future borrowing. In this […]
What Is A Credit Card Charge-Off And How Does It Affect Future Loans? Read More »
Debt settlement companies promise to reduce your debt by negotiating with your creditors, but understanding how these companies work is essential before you sign up. Because debt settlement companies operate for profit, their strategies can significantly affect your credit and finances. This guide explains how they work, what to watch for, and how to decide
The Truth About Debt Settlement Companies Read More »
A Pay-for-Delete Letter is a written offer to a debt collector to pay some or all of an outstanding balance in return for the collector removing the negative account entry from your credit report. This article explains how a pay-for-delete letter works, what to include, when it can succeed, and safer alternatives so you know
Writing A Pay-For-Delete Letter: The Exact Template To Send Debt Collectors Read More »
When it comes to credit repair, misinformation spreads faster than facts. Many people believe myths about how credit scores work—leading to financial mistakes that can take years to fix. Understanding the truth behind credit repair myths is critical in 2025, especially as more lenders rely on advanced scoring models and AI-driven risk analysis. The truth
Credit Repair Myths That Could Hurt Your Score in 2025 Read More »
Learn the difference between debt consolidation and debt settlement, and understand the best option for managing your debts and regaining financial stability.
Debt Consolidation vs. Debt Settlement: Understanding Your Options Read More »
Discover the process of discharging debt, improving financial wellbeing, and achieving long-term financial recovery with this comprehensive guide.
Discharged Debt: The Path to Relief and Financial Recovery Read More »
Getting a loan or obtaining new credit when you’re already in debt isn’t easy – especially if your credit rating has suffered for any reason in the recent past. But it is possible to obtain credit – either a personal loan, a credit card or even larger loans like a mortgage – if you know
Got Debt? 5 Financial Terms You Must Know Read More »
Q: Hello Ms. Khalfani-Cox. Is it better to work with a debt management company and pay off a lot of creditors every month over a long period of time (I would be paying off the full amount of the debt… not settling (debt settlement)). Or is it best to contact each creditor who has reported me to the
Will Credit Counseling Hurt My Credit Rating? Read More »
Q: Hi, I have rec’d an offer of settlement from a collection agency representing CitiCard for about 18% of the current balance. When I asked to have the “line item” (delinquency) deleted from my record (credit report), the manager responded that: 1) it can’t be done; 2)maybe it could be done but only with a
Will Debt Settlement Appear On My Credit Report? Read More »
If one of your personal or financial goals is to get out of debt this year – or at least eliminate your debt as soon as possible – now is a great time to get started. Becoming debt-free takes work. But it doesn’t have to be an overwhelming chore. Simply following proven strategies below to
How to Get Out of Debt Read More »
Listen to Lynnette Khalfani-Cox, The Money Coach during her appearance on The Daily Drum with host Harold Fisher. The Daily Drum is broadcast on Howard University Radio, WHUR-FM 96.3 FM. During this interview Lynnette talks about: How to eliminate your credit card debt How Lynnette got into debt? How Lynnette negotiated with her creditors How
Lynnette Khalfani-Cox on The Daily Drum WHUR 96.3 Howard University Radio Read More »
With the average U.S. household owing more than $10,000 in credit card debt, it’s no surprise that millions of consumers are turning to debt management companies or debt settlement firms to become debt free. However, there are enormous differences between these two types of organizations. A good debt management company, such as the National Foundation
The Dangers of Using Debt Settlement Companies Read More »
A subscriber is facing garnishment of their wages. Click to hear Lynnette’s advice on how to fight wage garnishment.
I am Facing Wage Garnishment. What Should I Do? Read More »
Q: I am at month 11 of a student loan rehabilitation program for a defaulted loan of about $80,000. I have made 10 on time monthly payments of $550. My parents will help me offer a lump sum payment to settle this debt. I am looking at offering $30,000 to $40,000. The collection agency wants
Can I Offer A Settlement For A Defaulted Student Loan? Read More »
Q: Is it true that I will be given a 1099-c when I settle a debt for $600 or more off the amount that was due? If so exactly what does this mean? What is the tax percentage I will be charged? Is there a tax penalty fee for this? And will this increase my
Will I Receive Form 1099-C If I Settle A Debt? Read More »
