IRS TAX FORM 1099-C After credit card debt settlement?

Question by Sekaii: IRS TAX FORM 1099-C After credit card debt settlement?
if i have settled a $ 1500 credit card debt directly with the bank for only $ 454.79, 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 $ 1500, they said i could pay $ 454.79 and i will be forgiven the ramining balance of $ 1050.. so of course i payed the 454.79 to get out of debt lol..i didnt use a debt elimination

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