Additionally, additionally, you will be liable for paying income taxes on the quantity of debt forgiven as it's counted as revenue by the IRS. Debt consolidation is the process firms use to take a number of outstanding debt balances and roll them into one loan with a single rate of interest. High curiosity loans or short-term credit lines are often the debt sorts to be consolidated into long-term loans with a decrease fee. This helps companies repay more principle on loans and fewer…