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Reduced Credit Card Debt

Fees Paid to Reduce Credit Card Debt

If you paid a Debt Resolution Fee to successfully have your credit card debt reduced, all of the cancelled debt is income and the Debt Resolution Fee may be used as an itemized deduction subject to the 2% of your Adjusted Gross Income (AGI).  For example, if your AGI is $10,000, fore the Debt Resolution Fee… read more