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Tax Relief Stats [INFOGRAPHIC]

Posted By:  |  September 9, 2015  |  1 Comment(s)

When you owe a friend money, he can hold a grudge, take you to court, or give you a noogie until you finally pay up (of course, if it comes to such hi-jinx, you probably aren’t friends anymore). When you owe money – particularly in the form of unpaid taxes – to the IRS, however, the agency can garnish your wages, place levies on your personal property, and even send you to jail. And while the IRS does allow you to set up a payment plan, this plan can sometimes take years to complete.

Thankfully, we’ve reviewed the top tax relief companies in the business, companies that can help minimize your tax debt. Below are some statistics that show just how important these companies can be:

Tax Relief Stats In 2014, the IRS assessed over $130 billion in penalties and interest on unpaid taxes. Consumer Tax Debt $130 billion in additional fees $114 billion in unpaid taxes 30% of tax relief customers carry at least $50,000 in tax debt. Less than $50,000 $50,000 or More The average American coudl spend anywhere from a few months to 10 years paying off tax debt. Principle 10 years Interest 70% of Americans are unaware of companies that can help minimize their tax debt burden. On average, consumers who work with a tax relief company can have their tax debt paid off in 5 months.


  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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