Debt Elimination

if i have settled a 00 credit card debt directly with the bank for only 4.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or credit?

(i owed 00, they said i could pay 4.79 and i will be forgiven the ramining balance of 50.. so of course i payed the 454.79 to get out of debt lol..i didnt use a debt elimination company, i got the voucher directly from the bank.)

also, any tips or recommendations you can further give me on this issue? i plan to settle with a few other credit card companies in the same way.

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I had recently lost my job with Home Depot making roughly 30k a year and am now digging into the restaurant world as a means of income for the summer. I’m planning on going back to school in August to work on a degree, but am worried about affording it. In all honesty, I got carried away with credit cards (as I’m sure many guys my age do), and have piled my debts up to almost 13k at this point. I’ve never missed a payment and rarely pay minimum, and still have a good credit score, but after being unemployed for 9 weeks, it was all starting to catch up on me pretty quickly. I’ve cut back significantly (even paid off and closed a few cards) on my credit spending, but really REALLY need to come up with a plan as far as paying all of this off.
Realistically, what are the best options out there for debt elimination? One big loan? One of these crazy programs on the TV and radio? Help, guys…

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I am so ashamed that I have gotten myself so deeply in debt with two of my credit cards. I am keeping up with the payments and am managing to make more than the minimum payment each month. But, I’m fearful that I will not be able to keep it up much longer. I’ve not used these two cards in about a year.

I am familiar with the Dave Ramsey "Financial Peace University" method of getting out of debt and thought about trying that. But, it seems that I will be paying for several years in that situation.

Is there a better way to go about getting out of debt?
I’ve heard of:
Debt Management
Debt Elimination
Debt Settlement
Debt Validation.

Can anyone explain "debt validation" and tell me if it is any better than "settlement", "management", "elimination"?

I don’t think I want to go the bankruptcy route. Has anyone gone that way and let me know if they recommend it?

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