What does Clark say about credit counseling?

1

I’ve searched this site, but can only find an article about NFCC. I’m not sure how current it is because it mentions 2017. Is that the only legit direction to go?

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2

Yes, we strongly and only recommend credit counseling through the National Foundation for Credit Counseling (NFCC.org). Here’s more information about their services:
https://clark.com/personal-finance-credit/national-foundation-for-credit-counseling-contact/

Hope this helps! :green_heart:

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3

Thank you!

4

Is it true that using debt consolidation has tax implications? I advised someone I know who is in a lot of debt to seek the help of NFCC, and they told me that the amount of debt that is reduced is taxable. Is this true?

5

Yes. Forgiven debt over $600 is taxable except for some specific exceptions e.g. bankruptcy