I reciently settled @ $25000 worth of credit card debt ( mostly interest and over the limit/late fees)for @ $17000. The difference of $8000 will be 1099. We fell behind when my wife became ill. Lucky for us a family member was able to loan me some money to catch up. This is causing a tax burden for me as I now have to pay a substantial amount of tax this year instead of recieving a refund. How can this happen? The credit cards jacked me up from 9% rates to 29% rates, because I fell behind, I never spent any of the interest money or fees, then they forgave some due to hardship and now GOOD OLD UNCLE SAM wants his piece of the fictional, never really existed pie? Can anything be done? Perhaps a Boston tea party?
