{"id":61462,"date":"2025-12-16T19:28:12","date_gmt":"2025-12-16T19:28:12","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/what-is-the-catch-to-debt-relief\/"},"modified":"2025-12-16T19:28:12","modified_gmt":"2025-12-16T19:28:12","slug":"what-is-the-catch-to-debt-relief","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/what-is-the-catch-to-debt-relief\/","title":{"rendered":"What is the catch to debt relief?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/12\/16\/ea588f73-4d4f-45a5-8e47-1c6cf4db0f65\/thumbnail\/620x414\/2d7814f8a9774e802f0f5d693abe3322\/gettyimages-174546573.jpg#\" alt=\"debt pig \" height=\"414\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/12\/16\/ea588f73-4d4f-45a5-8e47-1c6cf4db0f65\/thumbnail\/620x414\/2d7814f8a9774e802f0f5d693abe3322\/gettyimages-174546573.jpg 1x, https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/12\/16\/ea588f73-4d4f-45a5-8e47-1c6cf4db0f65\/thumbnail\/1240x828\/a009c1867dff9eab79720c403fe05e65\/gettyimages-174546573.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">There are lots of strategies you can use to get rid of your debt, but there are also some clear trade-offs that come with them.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images\/iStockphoto<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>When <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cant-make-your-credit-card-payments-consider-this-instead\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt feels unmanageable<\/a><\/span>, it&#8217;s natural to search for something \u2014 anything \u2014 that can help stop the financial freefall. And, over the past year, with interest rates still high, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-inflation-is-impacting-your-credit-card-debt-right-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">inflation driving up prices<\/a><\/span> and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/household-debt-hit-new-high-what-to-do-about-yours-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card balances continuing to climb<\/a><\/span> nationwide, more borrowers have been looking into <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-debt-relief-options-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">their debt relief options<\/a><\/span> as a potential path out of their expensive financial issues. But just as quickly as interest in these programs rises, so do the questions about what the fine print actually looks like.<\/p>\n<p>And, that uncertainty makes sense. &#8220;<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-debt-relief\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Debt relief&#8221; is a broad term<\/a><\/span>, and it can refer to everything from negotiating with your creditors on lower rates and fees to enrolling in a structured debt management program. Each option promises some form of financial relief, but the trade-offs can vary widely, especially when it comes to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-good-credit-score-determining-factors\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your credit score<\/a><\/span>, tax liability and the total amount you&#8217;ll pay over time. And the solutions marketed most aggressively online can sometimes be the most misunderstood.<\/p>\n<p>So before signing up for anything, it&#8217;s smart to understand exactly <em>what<\/em> you&#8217;re getting into. Debt relief can absolutely help the right borrower, but like most financial tools, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/pros-and-cons-of-each-debt-relief-option\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">the benefits come with conditions<\/a><\/span>. Below, we&#8217;ll detail what those can be.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhat-is-the-catch-to-debt-relief\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Explore your debt relief options and find the right solution today<\/a>.<\/p>\n<h2><strong>What is the catch to debt relief?<\/strong><\/h2>\n<p>The debt relief &#8220;catch&#8221; depends on the type of strategy you pursue, but most borrowers encounter at least a few common drawbacks. Here&#8217;s what to know.<\/p>\n<p><strong>Debt settlement can hurt your credit before it helps.<\/strong> Debt settlement works by <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-to-negotiate-with-your-credit-card-company\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">negotiating with creditors on a settlement amount<\/a><\/span> that&#8217;s less than what you owe. To get creditors to the table, though, many programs require you to stop making payments while negotiations take place, sometimes for months on end. That pause can result in <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-debt-relief-hurt-your-credit-score\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">late marks, collections and score drops<\/a><\/span> before any settlement is reached. Your credit report may also reflect that the debt was settled for less than the full balance afterward, which can further impact your score.<\/p>\n<p><strong>You may owe taxes on forgiven debt.<\/strong> If a creditor forgives $600 or more, the Internal Revenue Service (IRS) typically <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-does-credit-card-debt-forgiveness-impact-your-taxes\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">considers the forgiven amount taxable income<\/a><\/span> unless you qualify for a hardship exemption. That means a big settlement could result in a tax bill at the end of the year. It doesn&#8217;t happen in every case, but it&#8217;s something borrowers tend to overlook until tax season arrives.<\/p>\n<p><strong>Fees can eat into your savings.<\/strong> <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/best-debt-relief-companies-plus-advice-borrowers-need-to-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Legitimate debt relief companies<\/a><\/span> only charge fees once a settlement is reached, but <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-will-credit-card-debt-forgiveness-cost-you-heres-what-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">those fees tend to be high<\/a><\/span> and can range from 15% to 25% of the enrolled debt. You&#8217;ll still come out ahead in many cases, but the savings aren&#8217;t always as large as the initial settlement number might suggest. And because you&#8217;ll likely be paying into a dedicated account while negotiations take place, it can take time before a company settles your first debt.<\/p>\n<p><strong>Not all debts qualify.<\/strong> Most debt relief programs work <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/secured-vs-unsecured-debt-everything-to-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">only with unsecured debts<\/a><\/span> like credit cards, medical bills or personal loans. If you&#8217;re struggling with auto loans, mortgages or federal student loans, traditional relief programs may not apply.<\/p>\n<p><strong>Scams are a real concern.<\/strong> While many reputable debt relief firms exist, the industry also has <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-to-avoid-debt-relief-scams-according-to-the-experts\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">its share of illegitimate operators<\/a><\/span>, meaning companies that charge upfront fees, push unrealistic promises or advise borrowers to stop paying creditors without explaining the consequences. A good rule of thumb: If a program guarantees a specific outcome or promises your debt will disappear quickly, walk away.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhat-is-the-catch-to-debt-relief\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out how to get rid of your high-rate credit card debt for less<\/a>.<\/p>\n<h2><strong>When is it still worth it to pursue debt relief?<\/strong><\/h2>\n<p>Debt relief can be a smart and worthwhile option, even with these drawbacks, especially for borrowers who are on the edge of falling behind or who already have. For example, debt relief may be worth considering when:<\/p>\n<p><strong>Minimum payments aren&#8217;t enough to make progress.<\/strong> If your balances aren&#8217;t budging because interest keeps piling on, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-facts-to-know-about-debt-settlement-according-to-experts\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a structured settlement or negotiation<\/a><\/span> may help you reduce what you owe and fast-track your exit.<\/p>\n<p><strong>You&#8217;re already missing payments or facing collections.<\/strong> If your credit is already damaged, the credit-hit &#8220;catch&#8221; of settlement may not be as significant. In these cases, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/1-in-5-credit-cards-are-maxed-out-ways-to-lower-your-balance\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">reducing the total debt<\/a><\/span> may be more impactful than preserving your score in the short term.<\/p>\n<p><strong>Bankruptcy isn&#8217;t the right fit.<\/strong> Some borrowers don&#8217;t <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-disqualifies-you-from-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">qualify for bankruptcy<\/a><\/span>, or they want to avoid it for legal or personal reasons. Debt relief offers an alternative path that can still reduce your balances, often without the same long-term impact of bankruptcy.<\/p>\n<p><strong>You have mostly unsecured debt.<\/strong> Debt relief works best for high-rate unsecured debts like credit cards. If that describes your financial situation, debt settlement programs can result in meaningful reductions.<\/p>\n<p><strong>You need a structured, guided approach.<\/strong> For many borrowers, the hardest part of digging out of debt is simply having a plan and sticking to it. A reputable debt relief firm or <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-credit-counseling-can-and-cant-do-to-help-with-your-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit counseling agency<\/a><\/span> can provide a defined strategy and a monthly payment structure that&#8217;s easier to follow than juggling multiple bills.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Debt relief isn&#8217;t a magic solution, but it can be a practical one, especially if you&#8217;re dealing with large, high-rate balances and need a structured way out. You&#8217;ll need to understand the catches upfront, though, which include potential credit damage, taxes, fees and the time it may take to achieve a settlement. For the right borrower, those trade-offs may be worth it. For others, though, a different strategy may make more sense.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/matt-richardson\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Matt  Richardson<\/a>\n                      <\/p>\n<\/section>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-the-catch-to-debt-relief\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are lots of strategies you can use to get rid of your debt, but there are also some clear<\/p>\n","protected":false},"author":1,"featured_media":61463,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-61462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the catch to debt relief? - World News<\/title>\n<meta name=\"description\" content=\"Debt relief can offer real breathing room for your finances, but it comes with a few trade-offs in return.\" \/>\n<meta name=\"robots\" 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