Is Credit Card Debt Settlement A Good Suggestion

Credit card debt settlement can be a very good alternative for a lot of credit score card holders who might be dealing with bankruptcy. Credit card debt settlement entails negotiating your credit debt while using loan companies that have given your credit cards, generally at a lower cost than in the event you continued to spend on the cardboard credit card debt that you have accumulated as arranged. Credit card debt settlement differs from credit debt combination because you are having to pay much less (also known as eliminating) than you owe.

Pay Less Than 30Per cent Of Your Balance

Credit card debt settlement entails settlement using your active creditors, finance institutions, and creditors with whom you possess an set up plastic card consideration. A credit card debt settlement company usually works together the collector for you to determine a settlement that is certainly inside your terminology and ability to. Numerous credit debt agreements are established for much less than the amount owed. Commonly a credit card debt relief will probably be less than 30Per-cent with the full principle harmony due to the business, though it could be as much as 70Percent or higher.

Steer clear of Personal bankruptcy With Credit Card Debt Relief

Several borrowers and credit history card holders realize that credit card debt settlement works for them and permits them to in fact free themselves completely from credit card debt. Actually, numerous the cardholder are on the verge of personal bankruptcy whenever they decide that they should look into credit card debt relief. Since bankruptcy will surely have awful fallout in your individual credit profile and FICO credit standing, credit card debt relief is obviously a greater substitute for many situations than filing for bankruptcy defense.

One thing is for certain, in case you are among the growing amount of credit cardholders who battle to make their minimum monthly installments on their several bank card records, credit card debt settlement can provide quickly alleviation. Lots of people find that their spending behavior using bank cards are unreasonably out of control, somewhat mainly because that many of they are basically dwelling off their charge cards and ultizing them to pay for everything from lease to groceries.

Many consumers may have three or more cards which can be incurred on their maximum, but sometimes only afford to pay the least repayment on the playing cards each month. Even with this charge, frequently the minimum payments put together operating their other commitments be compared to the cardholder are prepared for. With credit card debt settlement, you credit card debt could be resolved for less than you borrowed from and you will make monthly obligations on the the rest determined by what you could actually afford.

Using A Credit Card Debt Settlement Company

Obtaining a good credit card debt relief firm to jockey in your stead might be as close since your mouse. There are several excellent credit card debt relief businesses conducting business on-line that could be of assistance to you because you to attempt to regain your monetary independence through credit card debt relief.

135 Comments

  • Kris says:

    People state that a debt settlement company helps people in all their debt issues. What kind of debt settlement companies should we prefer?

  • Jacquelyn says:

    We are coming into some money and I had read a article about how you can pay off credit card debt with out having to pay the whole thing but I cant find the article with all the ‘credit card wordage’ any one have any suggestion?

  • Brice says:

    I have no credit card before, recently when I applied for one, it did not approve, I checked my credit report it says I have past due which is assigned to collection agency.
    Due is $51 only.
    What should I do to resolve this issue?

  • Terri says:

    Credit card company is saying I owe 40,000.00. They bought a debt of 18,000 from BOA. They have been calling and threatening to take away my house, my car, and anything I own. These threats are putting me over the edge. It’s made me go into a nervous breakdown over this. I can’t take it anymore. Any suggestions?

  • Josette says:

    like when was a member of capital one and i couldnt pay my bills so now i have very poor credit and i want to get an apartment so im working on paying it off but after i pay off the debt i might still be on my record and want to know how to erase my bad history of debt.

  • Chun says:

    I owe a substanstial amount on credit cards 30K which I can no longer make payment. There is this debt settlement company that says they will settle my account for %45 there fees included? It will be in a 3 year payment plan. Is this all some sort of a scam? Has anyone had experience with these types of companies?

  • Jefferson says:

    My wages have been garnished for sometime now on a Credit Card that I do not remember ever having. All of my debt was paid for through a Credit Counseling Center several years ago and this was not one of the cards in question. I do not remember ever being served paperwork but the court has a copy with signature. I supposedly owed over $8,500 but never had a credit card with over a $1,000 limit. The only way I ever know the garnishment has been served on my employer is if one of the office staff of my employer call me.
    I am the main bread winner in our family and it is killing us.
    Any suggestions on what I can do?

  • Hui says:

    We have a friend that told us just the other day that her and her husband are drowning in credit card debt. He earns a good living and they are both super cool people. But she said they pay $2500 – $3000 a month in credit card payments and have over $100,000 in balances. I honestly couldn’t believe it.

    My first suggestion was to consider bankruptcy, but she was 100% against it. I also heard about debt consolidation clinics. But they advise you NOT to pay your debts for months at a time, then negotiate a lower settlement so that the credit card companies can avoid writing you off as a loss. But this ROYALLY screws up your credit as you can imagine!

    This situation got me and my wife thinking, as we have our fair share of credit card debt as well. So besides refinancing your house for the 5th time in 5 years, borrowing money from Aunt Edna, or making minimum payments for 60 years, what is the best way to get out of credit card debt???

  • Yu says:

    This is actually my mom’s debt that I feel was wrong for a debt collector to have done. I received a call from this collector of any attorney’s office who was trying to reach my mother. He explained that he was a 3rd party collector who purchased the debt from the original debtor to collect themselves.

    He gave me her previous and current home address; 2 of her credit card numbers (full 16 digits); and he literally read off her credit report (other debts; amounts owed; vehicle information). The other important detail is that he gave me exact numbers of the total amount she owes and what arrangements can be made to pay off the debt (no arrang. accptd) After this conversation, not a week later, I received a letter in the mail directed to my mother saying that “per their agreement” a settlement was accepted to make 2 payments (one per month) to pay off the debt. SHE NEVER EVEN SPOKE TO THIS GUY NOR DOES HE HAVE HER NUMBER OR AN ACTUAL ADDRESS OF WHERE SHE LIVES! Any suggestions?

  • Harley says:

    I had no idea about credit at that minor age. I received the card and now it is messing up my credit. I need a settlement in the amount of $400.00 if possible. The interest rate has the account soaring thru tthe roof. Please help, anyone.

  • Brian says:

    I owe over $30,000. I’ve been in a nasty divorce that left me dry and living off of credit cards. Now I’m STILL looking for a job and only have creditors calling me 20 times a day.
    What can I do about this debt? Any suggestions please. I don’t have the funds to pay either of them monthly.

  • Princess says:

    My mom has 2 credit cards that are maxed out at a balance of $15,000 each. My mom gets letters in the mail about how her estimated debt is $30,000 and that they can help. Sometimes phone calls even come about this. How do settlement companies find out about this credit card debt amount?

  • Tessie says:

    I am told that I should immediately stop paying my credit card bills to get the attention of the lenders, so they will be more open to negotiations. And I should refer all contact to the debt settlement company. Is this normal?
    I’m not behind on any bills right now, but it’s looking likely that I will be in a short time.

  • Wilber says:

    Is there such a thing as consolidating all debt to a once a month payment until all is dissolved. Also, is there protection to keep from judgements and all compound interest.
    Can you give me some suggestions?

  • Louie says:

    Their brochure mentions “customized savings plan” and says generally they have average settlement of approx. 35% of balances owed. This outfit has an “Inc.” and does charge fee according to debt amount. About how much? Anyone know??? If someone could better explain this I’d know whether or not this is my best way of getting out of debt. I’ve posted b4, saying I’ve very good credit. How would a “settlement” process affect my good credit? Would it lower my score (735)? I’m a renter with 4 ccards-three of which carry High APRs. I’m thinking about using my credit union for a lower interest loan to pay off these cards. Anybody have suggestions. I’m a disabled senior living on m’socialsec and want to get my debt down or gone. Anybody??? I don’t quite understand this “savings plan”…Would I save in my own personal account and not with them? I don’t think I’d be comfortable sending them money to save for me. Who has had any experience with this type outfit??? Thanks in advance; you’re all gr8

  • Byron says:

    she owes 25K on credit cards and unsecured loans. 1 option is Debt management, a higher payment over more time but less credit damage. Another is a settlement, less $ paid off sooner but seriously dinged credit. She still may move once in her life, meaning a lease or purchase. Suggestions?

  • Alisha says:

    need one to consolidate 3 credit cards and keep the interest rate low…….. i have no idea who to go to, or what companies have the best track records… any suggestions would be greatly appreciated thanks!

  • Malena says:

    I have a bunch of hospital bills that really cost me in credit scores. I really want to try to consolidate it but I can’t find anyone who does debt consolidation without credit card debt. Any suggestions?

  • Daniel says:

    My husband is in the navy with top secret clearance and we are having a really hard time making the minimum payments. We are looking into debt settlement options but they say we have to stop making payment on our card before they can help us. We just want to get rid of credit cards and never have one again. But we dont want my husband to loose or be down ranked at work to do this. HELP!?!? any suggestion would be great.

  • Michal says:

    Until last year I’ve always paid on time, in advance or made double payments towards my credit card payments? Because of unemployment, I have absolutely no income coming in an I’ve been completely dodging the credit card companies. I know of course my credit score has immensely suffered but I honestly have no means of making a payment and haven’t done so in many months.

    I’m actively looking for work but no luck yet..suggestions on what to do

  • Kymberly says:

    I just got out of school last may 2006, then in January of 2007 I decided to go back to school to get my teaching certificate. I will be done in May 2009, so my income isn’t as much as I would like. I was wondering if there is a place that is trustworthy that I consolidate my credit card payment, my paypal buyers credit, and my dell account into one place so I can have one monthly payment so I can pay it off quickly.

    One other question is there a way I could get them all defered till I’m out of school again, where I can start working full time? Or is there a place I can get a lower interest rate loan to pay all of them off with, and then defer that payement until after school? I just want to get all my geese in a line! I hate paying several different bills!

  • Robin says:

    Hello,

    Please advice me if you know about this

    I had a citi bank credit card in 2005 at chennai. My credit limit was 13K. I was paying off the balances regularly. But in 2006 I lost my job. I returned to my home, with my CC on the 13 credit limit. I did not inform the bank or did not give adress or stuff. I did not pay anything for some 20 months. From my e statement i got to know that the outstanding was 32 K.

    Then i received a call from citi bank( Still I dont know how they got my number ). They tld that my name has been included in the satyam negative list and that I should pay to make my name removed from it. So I arranged some cash and in place of 32000 that I had to pay.. I negotiated and reached a settlement on 20 k. I stated my loss of job , financial problems and stuff. They even gave me a settlement letter stating that i have cleared my debt.

    Ever since then 2007 , i never had any Credit card. i had some salry accounts and Debit cards. ( ICICI, india, Commercial Bank Qatar and Standard Chartered Bank UAE. I am currently at UAE. I have applied for a credit card and my application got rejeceted.

    I just wants to know if that has got something to do with my old history. Since I have settled the amount 5 years back and have the Settlement paper , would it that help , if that is the problem.Citi people have promosed me that my name be cleared as I have settled the issue. I am confused now.

    Will this prevent me from geting a Loan or Card in future. Is there something that I can do. Or might this be some other reason. Coz the bank that rejected my application is not giving the reason for rejection.

    Please give me some suggestions.
    Also the old credit card was in India. Now I am at UAE. I am applying 5 years after making the settlement. Despite these factors will it still be because of my old Citi bank credit card?

  • Alana says:

    I was served a by capital one charge that was $500.00 4 years ago. They are now charging me $1200. is there any way to fight that amount? Or any suggestions of what to do?

  • Erika says:

    I have $10,000 in debt (including a 6,000 car that was repossessed) My current score Is 500ish (bad, really bad). I am in college and make about 1000 a month. Any suggestions or advice would be great.

  • Odell says:

    I have 3 negative reports on my credit list that I checked (creditcarma.com)
    I’m barely 20 years old already in debt with a terrible credit score…horrible, I know :( I went overboard with my credit card while shopping & it all went downhill from there!

    I have no idea where to start, or who to call or talk too, & I get calls daily from all sorts of people. I contacted lexington law firm but this whole thing still isn’t making any sense to me, and lots of people are saying I can fix this on my own, & save lots of time & money! Any advice? Please help!!!!!

  • Maryetta says:

    i m in credit card debts rite now and my current creditors charge me upto 30 pecent interest what are the best ways to get it worked out for example do u suggest me debt consolidation or debt settlement? which one is more preferred or if there is any pro and cons associated with any of those or if u have any other suggestions ? thanks

  • Cory says:

    I’m in over my head with credit card debt, can I get some advice as in what I should do?

  • Georgeann says:

    I do not know much about bankruptcy laws & was hoping someone could answer a few questions. There are a few bills/debts that I really don’t want to include in the filing cause I don’t want to lose the properties – House & car – is that possible to exclude or not lose things in the process? What are the qualifications for being able to file? If most of the debt we need to lose is credit card debt – is this the best help out there? Any other Helpful & serious suggestions would be appreciated.

  • Ronnie says:

    I’ve racked up some credit card debt in school and now am out and want to pay the debt off in a lump sum settlement. It’s been about 2 years sense I’ve been able to make any payments and there have been a few different creditors that have tried to contact me. How do I know which one to contact to get this debt resolved? Any advice for getting these settled fast? I know you should send them a money order to hide your bank info and that you want them to write “paid as agreed” on your credit report… anything else? Thanks

  • Chantal says:

    I have paid the dues to my credit card in cash. The bank is levying a penalty of 100 rupees for cash payment. Are they entitled to penalise me to use the legal tender in settlement of my debt. Under which law I can get relief.

  • Karyl says:

    Do you know of any reputable debt consolidation companies? I have 2 credit cards and 1 personal loan, for about 20k, that I would like to consolidate into one bill. Any options or suggestions no how to do this?

  • Benny says:

    I heard the governement has added Credit Card Debt Relief to the Stimulus Package. But everytime I try and look it up, my search engine is cluttered with ads from organizations who want to “manage” and file for me for a fee. Where can I find information just for ME, the consumer, not from a third party? Someone please help me. Thanks in advance!

  • Stephany says:

    My credit to debt ratio is causing problems on my credit report. I have two cards that have a 23.99% interest rate and decided to pay them off with a debt consolidation loan while paying off the balance on my other cards. By putting those balances on a loan leaving the cards with a zero balance will that help my credit to debt ratio on my credit report?

  • Sunday says:

    I don’t have a lot of credit( I have good on time payment history for 2 years and a collection, uggh). I have a medical bill for $495 in collections and I was wanting to go ahead and negotiate and settle on an amount that I can pay. I just don’t know how much I can negotiate as I’ve never done anything like this before. Any tips or suggestions? I can’t afford a lawyer, and it’s a relatively smaller deb compared to some people. I’m just putting myself through college and I don’t have a lot of money to throw around but I want to better my credit. Thank you!

  • Cole says:

    First of all, i do not ask for any opinion on this matter because I know that this is not a right thing to do, yet Im in a difficult situation and I just want to ask people for the right answer.
    I am a foreign student in Australia and I got a Commonwealth Credit card with 20,000 AUD limit. Now I am leaving Australia for good as I have finished my study. However, I still have around 5,000 AUD credit card debt. Can i get away with this? Leaving Australia and go back to Hongkong and never return again to Australia?

    Thanks

  • Lemuel says:

    I have been searching for solutions to my credit card debt. I’ve looked at everything from negotiated settlement companies, debt consolidation companies that claim to be non-profit, etc. I came across Debtors Anonymous and was wondering if their methods are successful or will I get into even more problems following their program.

    I would like to get both positive and negative feedback on Debtors Anonymous, so please let me know your experiences.

    Or if anyone has any other suggestions let me know.

    Thanks.

  • Emmett says:

    I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?

  • Sixta says:

    Would i want to go through the company that i have my loans with or some independent company? Any suggestions
    Anyone have a suggestion for a company to get a debt consolidation loan from.

  • Tory says:

    because I thought the credit card company may not accept the offer of 40% or 50% of the debt.. and sue in court and win a garnishment.

    The debt settlement gentleman on the phone said “don’t worry, less than 1% of people who sign up with us get sued”, therefore I feel everyone can rack up huge credit card debt and sign up for it to only owe half or less.

  • Domenic says:

    I am planning to sign up for Care One debt relief services to help me consolidate my CC debt. Do you think this will actually work? will this affect my credit rating? Does anyone have an opinion about this company and their services. I was reading their blog and for the most part it sounds like it really works but I’m trying to search for more answers.
    Thank you in advance for any suggestions or feedback.

  • Hans says:

    We have a credit card with a sizeable balance, the payment history has been good, and not late or delinquent. I have heard of people with past due balances being able to get to pay the balance off for less (sometimes considerably) than what is owed, if payed in one lump sum. Can this be done in my case or is it wishful thinking. If it can be done what is the best way to go about it? Thanks for any suggestions.

  • Kacy says:

    I am making minimum payments with a few credit card companies but could have trouble paying these in the future. I don’t want to go through a debt consolidation company or a debt settlement company. Is it possible to call on my own and warn them I will file for bankruptcy and ask to settle before I stop paying for 30-90 days like most experts say? Can someone give me their advice or opinion on this? Thanks

  • Darrell says:

    I lost my job and have a substantial amount of credit card debt. I am not able to pay and am going to end up getting sent to collections :( The two credit cards with the highest balances have $3,000. I know that collection agencies can sue to get the debt paid, but is that likely in all cases, or how does that work?

  • Jesenia says:

    Or should I pay the older debt off first? I want to raise my credit score by paying off my debt over time. Some of it says it falls off this yr of 2008 (guess its debt older than 7 yrs) So does anyone have suggestions?

  • Hillary says:

    I have alot of bills, and obviously it has affected my credit. A couple of my credit card companies has offered a “settlement” plan, where I would only pay a fraction of what I really owe to them. My question is, what would look better on my credit; A settlement of the account, or paid in full? I would love to take the settlement plan, but I want to make sure it looks good on my credit report. Any suggestions? :]

  • Celeste says:

    Suggestions for reducing and eliminating debt under $5,000. I have almost no credit card debt, and the bulk is in collections. All the lenders I’ve contacted are saying I don’t have ENOUGH debt! Go figure! Any suggestions on what to do?

  • Shanta says:

    Me and my wife have about $15,000 in credit card debt over about 6 credit cards. We have never missed one payment and credit is unblemished except for the fact we have so much debt i am now looking to find some sort of program for help and i was wondering what is the best option for me? A loan, Settlement i don’t know any help would be much appreciated

  • Micheal says:

    I had recently took a settlement for a credit card back in may and decided that i want to continue to pay it off. I tried calling the credit card company to see if i can dispute the settlement and just pay off the remaining balance that i owe. They told me that i couldn’t because the settlement had already been sent to the credit beauru. I really want to pay it off and rebuild my credit. Anyone have any suggestions or answers? Would i be able to contact the credit beauru and speak to them about my situation?

  • Lewis says:

    I will settle one of my credit card debt. To prove insolvency to the IRS, what information will I need to give along with a 982 form?

    Do I calculate the amount of income + assets + credit card debt after I settled? Or do I count information of all my credit card debt before I settled?
    Before I settled = $22,000 debt. After I settled = $5,000 debt remaining. Which information will I use to prove insolvency?

    Thank you all in advance for your time and help.
    Mike

  • Enriqueta says:

    I am not a fan of credit cards and personal loans but I need to raise my credit score to get a good interest rate on a home loan I’ll be pursuing in about a year. I have some old, negative items on my report that I want to get rid of but I heard that once you start addressing these for removal, it “reactivates” them and it could be another 7 years or so for them to fall off? Does anyone know how to handle getting negative reports off of your credit? We are set now with everything paid on time and I have very minimal, current debt (less than $2,000 combined) but it’s the past stuff that is killing me. Any suggestions?

  • Domenic says:

    I am looking to purchase a house sometime in the near future. I have had a bad past as far as credit score is considered. Im currently at a 535. My past due debts is only $1700.00. Also I still owe about $14000.00 left on my car. My yearly income is around $75,000.00. But cant seem to get any type of credit cards or anything to help me build. Any suggestions?

  • Florencio says:

    Someone told me the agencies normally buy these accounts for a fraction of the amount due, then collect what they can, sometimes accepting half as a payoff amount. If I had had the money, I would have paid it off originally, but right now I’m not even making it paycheck to paycheck and the collections agency will not set up monthly automatic withdrawals or anything other than the full amount. Any suggestions? I’m not debating I owe the money, just can not pay it at this time.

  • Alfredia says:

    I had some credit card debt and they just got a judgment against me. I am not sure what they will try to take (maybe my rundown car or very small bank account?) but what I am wondering is …do they have to give me notice before they try to repo something or get the money in my account? Also, car is in my wife’s name as well (not a community property state) can they still get the car?

  • Earl says:

    Im wondering with a bankrupcy case.. will it be easier than juggling the 10 credit cards and their minimum payments, and having collections after me?

  • Gil says:

    What are the pros and cons? It sounds like it might be a good decision to utilize them to eliminate 16 K of credit card debt. Thanks for the suggestions in advance!

  • Manuel says:

    I had economic hardship about ten years ago so I stopped making payments on my credit cards. Ofcourse I got sent to collections and once they got a hold of me I made settlements and payed all off. About 6years later which is now im being sewed for not paying a few which I phad already payed off.im being sewed and theywant to take me to court.its been a while since I payed them off and have no proof.now I dont know what to do.im open to any suggestions please help!

  • Louella says:

    We will be buying our house together, she has a 750 credit score and i have a 650 credit score. Would it help to add her to my credit cards? Would it hurt her? I know they look at both people for a mortgage so any suggestions would help. We will probably have all CC debt paid off before we apply FYI…

  • Khadijah says:

    I have some credit card debt and I don’t know what credit card company to consider, either a “CCCS” or Debt Settlement company. Is there a better alternitive to either?

  • Gennie says:

    My friend has defaulted on two of her credit cards. She is considering debt settlement through an outside company. I keep seeing on here that people have contacted their credit card companies to get settlements or on a payment plan and stop the fees/interest while their balances are getting paid. Anyone have any success with this? Suggestions?

  • George says:

    I have fallen over 60 days behind on a lot of my accounts and I have a couple things in collections. I do not own a home, but I really need to consolidate but I am afraid because of all the scams going on right now. Any suggestions?

  • Jefferey says:

    I have a summons to court for next week for capital one credit card debt that’s indeed mine and if I go or don’t go the judgment will be filed against me because it is indeed my debt and I know I have to pay what usually happens at these court cases and what happens if I don’t show up?

  • Verona says:

    I see a lot of advertisement from companies that claim they can reduce your credit card debt by 40% to 60%. What is the down side to using them? If they are successfull does it effect your credit rating? What do they charge? What must your situation be for them to be able to be successfull, Broke?

  • Sam says:

    Our business is closing and we are interested to see if anyone has had any luck negotiating their own debt settlements with credit card companies. If so, how much did you settle for and with what companies.

  • Huey says:

    Is is wise for me to use my mutual Roth Ira to help me get out of debt. I’m 56 yrs old and need to pay off some credit cards rather than go to debt settlement or consolidation. Is this wise?

  • Rocco says:

    I bank with Bank of America and I have a bad debt on a credit card that I no longer have.
    My question is??

    With this bank I also have a car loan that I’m about to pay off in a few months and also have my mortgage thru them. I will try to settle the credit card debt but would they offer a settlement if I have a vehicle loan and a mortgage loan?

  • Garfield says:

    Last year I only make $7,000 and in the past two years accumulated about $20,000 in credit card debt. I last month i stopped making payments to all my creditors because i just can’t afford it. What should i do about it because theres no way i can do it anymore. Im thinking bankruptcy but which one even with credit consolidation i would have to pay half and all at once. I don’t know wat to do some one please help!

  • Fidel says:

    Is the credit card debt solutions companies on the up and up?
    I was checking on line about getting my credit card debt paid off. Is it a good idea in using a company to get out of credit card debt?

  • Shannon says:

    Looking to pay off approximately $40,000 in credit card debt accumulated over approximately 8 years while supporting a parent. My salary is good and all debt is kept current.I own a home but with little equity due to the current market. Which loan/solution is the best?

  • Alejandra says:

    I have received a debt settlement letter from a credit card company that I owe $6,000 to. The settlement is for about 50%.

    If I were to settle with them, would I still be eligible to use their credit card again? Or is my credit card completely shut off forever?

  • Chi says:

    Last night I got up the guts to pull my credit report, it is less than stellar, mostly medical bills. I was reading that I can make an agreement and get a letter in writing saying they will delete it from my credit report if I pay the balance in full. Is this correc? If so once it is deleted how quickly will my credit score go up? I owe less than 1100 will all my debts added together. I was planning on getting a secured credit card after to hopefully bring the score up as well. If you have any advice on how to do this, how it will effect my credit score or any other suggestions I would greatly appreciate it.

  • Chi says:

    I have some credit card debt (ranging from 1k-4k) that I want to settle on. I haven’t paid a dime in about 2 years, so I should be able to get pretty low. The only problem is that I want to settle ASAP. I’ve heard people say you can settle for 30% of what you owe. I was thinking of a 40% settlement offer so make it quick and easy without having to negotiate back and forth. Any other info will help. Thanks!

  • Louise says:

    so i had about 3000 in credit card debt and i finally am making enough money to get them paid off and the collectors are calling me and on 2 of my 4 overly maxed out cards i took the settlement offer… is that ok?

  • Marinda says:

    I’m 23 years old, a student, and physically becoming ill due to the amount of stress I have between school and work, in which I still struggle to pay my credit card bills. What is the step by step legal way of settling my credit card debt? I understand the ramifications that my credit report will suffer, but my debt to income ratio is already too high to get any loans or credit anyway (student loans). What is the worst that can happen? Are there any companies that help students in my situation? Thank you.

  • Ignacia says:

    I need to settle my credit card debt. Is it better to wait to negotiate with the collection agency or before it goes to the collection agency or at another point?

    Thanks in advance.

  • Eliseo says:

    I was told debt settlement agencies know how much a creditor is willing to settle for and so they are better negotiators.

    Should I just use my debt settlement agency since I don’t know how to negotiate with my credit card companies?

  • Gerard says:

    Hey Everybody, I have been struggling to reach out to my credit card debt settlement for over an year now, but I haven’t gained any success yet, I would really appreciate if someone can let me know of any good company that can help me out instantly. Thanks in Advance Folks, Please Reply!

  • Grisel says:

    Several years ago, I was under-employed and drowning in credit card debt. I chose to go the debt settlement route. I was never comfortable with the process. Recently, I have come into a sum of money which can eliminate that full amount of debt with no settlements. Since my credit score is fairly low already, should I take advantage of the relationship with the debt settlement company and pay less? Or would it be better for me, and my credit, to pay off the full amount?

  • Fidel says:

    I owe around $45000.00 in credit card debt. I always paid off my cards faithfully but with me losing my job and the interest rates rising too fast (even when I always paid on time) I just couldn’t keep up anymore. It’s been almost 16 months since I made my last payment. Now some of the credit card collection agencies have sent me a letter and offered to settle for around 1/3 of the amount. Should I take the settlement offer or is my credit so messed up beyond repair, that I should just consider filing bankruptcy instead? Any advice would be great.

  • Merlin says:

    What percentage of all credit card holders contact their creditor or a third party (attorney, debt settlement company, credit counseling) for help when they are having trouble paying? What percentage of just delinquent card holders call for help? Does anyone know if there are studies on what causes a person to decide to call for help? In other words, is there a typical “tipping point” such as amount of debt, number of days late, etc?

  • Moises says:

    I have credit card debt that I have the money to pay off. However, I heard that credit card companies will negotiate a lower amount, say $2,000 instead of $3,000 in order to get the cards paid in full.

    1. Is this true?

    2. Does this look bad on your credit report? Or does it even appear?

    3. How does this work and how do you go about negotiating with them?

    Thanks for your time!

  • Jodie says:

    I will be going to court in a couple of days for a 5,000 credit card debt. I wanted to know what the best thing for me to do is. I want this to go away and want to settle for 2-3k at the most. What are things I should request if I want to settle? And what are things I should not agree to under any circumstances? I want to go to court prepared and not confused as to what I should be doing. Thanks for any help on the matter.

  • Hans says:

    Can you settle debt with a credit card company even in good standing?
    I am making minimum payments with a few credit card companies but could have trouble paying these in the future. I don’t want to go through a debt consolidation company or a debt settlement company. Is it possible to call on my own and warn them I will file for bankruptcy and ask to settle before I stop paying for 30-90 days like most experts say? Can someone give me their advice or opinion on this? Thanks

  • Everett says:

    Seems like there is lil you can do to help pay them off faster or get them reduced but if its like credit card debt or another form of debt there are a lot more options.

  • Darrick says:

    I am under pressure with credit card debt. What is the mode to relieve from it?

  • Norine says:

    I have massive credit card debt and am contemplating bankruptcy. I am current on all accounts but my work is going down the tubes. Paying the minimums is a road to nowhere, my rates have increased sharply over the last few months.

  • Eveline says:

    Just curious, If I was to settle a 20,000 credit card debt with one of those settlement companies, will that appear as bad as a bankruptcy in my credit report?

  • Teofila says:

    I am a senior in college, I have no job now as I am finishing school. I start work in June, and I actually have good credit, over 700, and 5k in credit card debt. I’ve paid my bill in full always in the past until my last killer spring break. Debt settlement sounds cool to cut the debt in half which I would pay off with a lump sum, or should I just stomach it for another month where I can pay it all off entirely in full. Thanks.

  • Columbus says:

    I have some credit card debt, it’s not to much compared to other people. Like, i would say, a couple thousand. I wanted to know if there were organizations out there that would help me negotiate with collections to lower my debt. That way i could just pay it off in full.

  • Aleida says:

    Does anyone have a good way to settle-negotiate the amount owed on a credit card without using a debt settlement/consolidation company?

  • Lona says:

    Gambler caused 135k worth of credit card debt. Is in ga now and in therapy. I don’t want to get in deeper trying to fix this? what is the best direction to go from here.

  • Joe says:

    I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

  • Shayne says:

    I owe a large amount on my credit card and have not made a payment in sometime. I now have a lump sum of money and wanted to see if the cc company would negotiate on the amount owed. Much of that amount is late fees. Can anyone help me?

  • Shon says:

    I recently had to defer my salary at my job for an extended period and cannot afford to pay my credit card debt. What should I do? A friend advised me to not make the next payments and negotiate with credit card companies on the debt. Is this wise? Would you advise I do something else? Thank you.

  • Maribel says:

    I am in Ohio and do not want to file chapter 13. Looking to make settlement to credit cards. I am looking for reputation companies that do credit card settlement. What do these companies charge. 50,000 in credit card debt at 23% apr.
    Do not want to go to consumer counseling, we can get a loan from family for 25,000 to pay off total. Can not afford to pay anymore. We need to help our son who has some medical issues.

  • Dick says:

    After taxes, im going to have 12k in credit card debt minus my college loan. Does anyone know of anyway to pay less interest on this amount? Or any advice at all?

  • Lance says:

    My unpaid credit card debt was finally charged off. Now I have a letter from an attorney offering me a settlement. Am I in danger or is this just another attempt to get the money?

  • Kristie says:

    Can someone please let me know the name to a credit card debt settlement company that does the right thing.

  • Berry says:

    I have credit card/personal loan debts and looking for a lumpsum settlement. Due to financial problems I’m not paid last few EMIs.

  • Coy says:

    Guys, please I need advice! I took a hard decision to get bunch of credit cards some for business and education. The business did not go well, I closed it down but did not file bankruptcy. I have about $150,000 credit card debts and almost all of them have been collection for about 2yrs now. I just got out of school and I have an OK job that can help me pay off my debts. Please, what is the best way to pay off the debts? should I get a lawyer or I should just contact those collection companies and work with them myself? Any advice will greatly be appreciated. Thanks in advance

  • Eugene says:

    I was sent a letter from some outside mediation company in Washington I live in Oregon. It stated that shortly I would be served papers for a civil suit against me. A couple days after receiving the letter a guy knocked on my door with a set of papers in his hand. I live alone and often will NOT answer the door if I don’t know the person but I certainly don’t want to do something illegal either. The only outstanding debt I have are from two credit cards I have read some of the answers to the questions of evading process and it appears I should just open the door? Any suggestions?
    T.S.

  • Kanesha says:

    I have about 10,000 in debt i would like to consolidate. Any suggestions who would be the best company to go through?

  • Celeste says:

    Like many people this recession has hit our family. My job cut me from fulltime down to part time slashing my salary from about $66,000 to half that. Again like many people we could survive this if it were not for credit card debt. Out total payments to several credit cards equals about $800 per month on almost $40,000 worth of debt. thus far I have sold things and kept all payments up, but about to the end of being able to make all the payments. We have always paid on time and never even been late. I called one of the companies for help and was told that they cant do anything for me untill I miss some payments. I dont want that to happen, we are trying to maintain our credit score. any suggestions? Am I worrying too much about not paying these things, they dont seem to want to work with me to avoid any missed payments. Suggestions?

  • Rosa says:

    I want to repay all my credit card debt ($15K including interest) that occurred 6 years go.

    1. What would be the best way to negotiate with the collection agency?
    ( To get he letter of reporting to the credit agency that I cleared my debt and then pay the amount later?)

    2. Should I pay the full amount or only a partial settlement? And if so, how does this affect my credit history?

    3. Will my repayment remove or clear the bad credit immediately in my credit report?

    4. How long will it take me to rebuild a good credit?

    5. Finally, will this repayment really help me put in good standing with my credit history( for home loan and car loan)??

    Thanks for your suggestions and help.

    Thanks all of you for your overwhelming answers.This really gave me the better look of my situation and make a small step for a good credit management.

  • Phil says:

    My boyfriend has bad credit. He does not have many items on his credit report but the stuff thats on there is all so old. There only 6 things, a lot from his mom putting stuff in his name and a charge from progressive for car insurance. All of his current bills are in my name but he’s the one paying so its really not fair to him. The debt is about 4-5 years old. He has Never had a car loan or credit card. Can he call the credit companies to settle the debt. Will they settle for a low price? Nextel was willing to settle a $600 bill for $52. Once they are off he plans on getting the cell in his name and a secured credit card. Any other suggestions or advice…Thank you in advance!

  • Youlanda says:

    I owe a LOT on my credit card bill (my minimum payment is $475/month) and my interest rate is 12%. Please understand that this has taken almost 2 decades to get to this point and it was unintentional. Anyways, I have good credit with a score of 771. I don’t want to ruin that by filing bankruptcy. I am wondering if there is an alternative where I can cancel the card, pay say $50/mo and not have interest accrue. I will pay til I die if I have to but I cannot afford this anymore. I know you can do something similar with medical bills, so I thought maybe there is something out there for credit card bills. If it helps, I am disabled and receive SSDI, so maybe there is a government program, I don’t know. Thank you for any/all suggestions.
    Just some additional thoughts, what would trash my credit worse? Filing bankruptcy or debt settlement of some type as one person mentioned? Also wondering, if I just ceased paying or only paid the very minimum I could, and lets say they end up putting me in collections, etc., and let’s say they sue me for it, could they put a garnish on my monthly SSDI check? I don’t have any assets they could take (savings, house, etc).

  • Kera says:

    I am 29 in California. I am employed and make over $100,000. I have a gambling addiction which has ruined my life. I owe a lot of money but i owe $30,000 among 3 different credit cards, a USBank Card, CitiCards, and Discover Card. I have lost all my money and can’t afford any of these payments. 2 of the cards have let me go over my credit line. I am currently attending Gamblers Anonymous and seeing a therapist for my problem. But i was wondering if you guys had any solutions to what i can do about the credit card debt. Can i work something out with my credit cards companies? Or can i say i’m not paying because online gambling is not supposed to be allowed with credit cards but yet somehow all 3 of those cards let me gamble with their cards? Do you guys have any suggestions about how i can maybe get out of paying this debt or at least getting it reduced? Thanks,
    Dave

  • Jerri says:

    My fiance and I are getting married in 3 months and together have a substantial amount of credit card debt. I currently have the most. I have one card that has $10,000 racked up and another with $1500. I also have an auto loan that runs me about $400/month. I am trying to pay off my credit cards, but still have money to pay for life (bills, food, gas, ect.). Any suggestions on way to pay off this debt? Also, I still need to buy him a ring and with only 3 months to go, and all these bills I don’t know what I am going to do.
    NO NO…he has already bought me a ring…a $7000 ring. These are all my debts. He has a clean record. Infact, he is doing me a favor by helping me pay off all these debts. They are all from past relationships…sucks. I can afford to make all my payments, I just feel like it’s skimming the surface, not really making an impact. You know? We both work full-time and are students at the University. So another job is not feasible. Any other suggestions?

  • Porfirio says:

    I am looking to reduce my debt to income ratio by settling my credit card debt. However I have never been late, the account is not in collections and my credit is in good standing. I am looking to go into 2010 with a clean plate butdon’tt have the income to pay the balance in full, with the % rate being what it is, it will take me 10+ years to pay it off at this rate. Does anyone think the credit card company (Citi Bank) would even consider a settlement in my case? If so, any suggestions how to introduce a offer to them? Thanks!!

  • Jeanette says:

    My fiancee and I are trying to fix our credit. I have a score int he 500’s and so does he. I only have two negative items on my credit report, adding to $500. Most of my fiancee’s is school loans. We are getting married in Dec and we need to save money for the wedding and debt fixing. Does anyone have any suggestions on what I should do? If I pay all of my $500 (one was sent to a debt collector) will it help or hurt my credit? I currently have a credit card and I make all my payments on time and pay more than the minimum amount. I want to get a loan but I can’t with my score. And I want to fix my score but don’t know how. I have the money to pay it, I just don’t know if paying it all off will help me. I am only 21 and all my negative items are from my immature high school spending. I want to get back on track, I want to buy a house and get back on my feet.. Can anyone help? I have like a trillion questions but don’t know how to get answers!

  • Robby says:

    I am not able to pay for my credit cards now due to loss of my job, and sadly I haven’t been able to paid to the credit card companies in about 2months, going into 3rd now. I have been receiving all kinds of notices and warnings about how this will damage and affect my credit, but at this point, i just cannot afford to pay them. Would it be better to go through the debt settlement company before the creditors pass my case to collection agencies or to court? Or should I contact the creditors directly? So far, I have only sent letters to the creditors explaining my hardship and didn’t call them yet. Desperately in need of a professional advice here! Please help!

  • Rickie says:

    My husband and I got really far behind on some debts and obviously ruined our credit when he lost his job and was only able to find one making about half what he had been making. He has recently started a new job making better money and my first goals are to improve our credit scores, pay off our debts, and build a savings account. We kept up the payments that we could but others went to collections. Would it reflect better on my credit bureau if I settled with our creditors or if I paid the full balance? What is a good method to pay off debts quickly but also put money in savings? Any suggestions?

    Thanks for any and all help.

  • Celeste says:

    My friend was unemployed for about 10 months and wasn’t able to pay his credit card bills. His score dropped to 450. Now, he’s got a new job but the collection agencies are harrassing him non-stop to make huge payments which he doesn’t have. He doesn’t have any other debts but these cards and no bank will give him a personal loan to consolidate. He’s only making about $10/hr. Are balance transfer credit cards easier to qualify for than personal loans? Any suggestions would be appreciated. Thanks!
    You can save the scolding for another day. He had no other choice. Financial experts have always said get rid of your higher interest loans and replace with lower interest loans so you don’t drown in the interest alone. If you don’t have constructive criticism, don’t bother answering.

  • Arlie says:

    Because of a significant paycut I am no longer able to pay some of my monthly c/c payments. I opted to sign up with a debt settlement co, that is charging me close to $10,000 to clear up my debt. I did some homework and realize that I can do the same thing there doing and save the $10,000. My cards have already gone into default. I can save the money I was going to pay them in service fees on a monthly basis and settle my debt in 2 yrs instead of 3 1/2. Has anyone done this? Do you have any suggestions? I also realize the tax implications and have contacted my accountant to get more clarification.

    Thanks you in advance.

  • Ines says:

    My girlfriend’s mom owns a restaurant in NJ, she accumulated 50K in CC debts.
    I was wondering what her options are? I tried to search for minority business owner grants but no luck.

    Any suggestions?
    She doesn’t own a home and most of the payments only goes towards the card minimums.

  • Roy says:

    i already sent out 1 validation letter and aked them to verify it is mine, and they did but they only sent some of it but not all of it, they only sent me the statement from 2006-2007. That does not help me to know if it is mine or not. what should i do now. Send another letter asking for the other things they didn’t send me before? Any suggestions

  • Susanne says:

    some suggestion plz— £5000 high interest credit card loan,, minimum payment comes about £200 every month,, i can’t afford, I earn very little money, tried to get some low nterest credit card to balancetransfer but did’t get any bcoz of bad credit score. plz show me some way, I’ll be grateful to you.

  • Rafael says:

    Hello, let me be specific. Okay, I am in a jam , I have some bills in collections, for months now. Financial issues. Anyway~ I need a loan or a blessing to pay for some school stuff and possibly get out of collections with my bills. Does anyone know of any resources that will give a loan to someone who has bills in collections, but wants to pay them off? Does anyone kmow of any organization that will give loans to someone with that report. Does anyone know about any guaranteed grant programs or scholarships, that will give fast results, no lally gagging. Please don’t recommend cash advance sheit, nor loan consolidation! No, please don’t recommend borrowing money from so foreigner in UK or Africa. Thank You for your suggestions. Help a sister out~

  • Danial says:

    I owe 10-15,000 in credit card debt. I used to pay at least the minimum payment on time everytime since 2004, yet I stopped in October 2007 because I left my restaurant job and have been unemployed for months now.

    Many collectors call up, but only one threatens to pursue judgment and sue me. He wants me to call him up and try and work out a settlement… but I have no job, no money right now, so is it futile to do so?

    What are my options??

  • Marhta says:

    Hey everyone!

    This site has been a great source of knowledge for me, and hopefully someone will be able to help me be better prepared in regards to the following:

    This morning, a relative that I am temporarily staying with informed me that someone attempted to serve me a summons from Chase. I am about to move in a few days to a different state for a military-related matter, so my relative covered for me and informed the representative that I moved and he wasn’t sure where I was.

    I checked the County Clerk of Courts website, and sure enough, there is an open civil matter against me, filed a few days ago, from Midland Funding LLC.

    I reviewed my recent credit report, and Midland Funding LLC has apparently purchased my $13,000 credit card debt from Chase.

    I currently live in Florida, and I am fairly certain (off the top of my head) that any last payment that I made to Chase was possibly in 2007/2008 (the account has long since been closed), which I believe has circled — if not surpassed — the statue of limitations for this debt.

    Regardless, after researching some options, I have sent a certified/tracked validation letter request, via 2 Day Air, to the address listed on my credit report for Midland Funding LLC (in San Diego, California), politely demanding that they validate/confirm all of the debt-related details from Chase over the past years.

    I will continue to monitor the County Clerk of Courts website for pending status updates, but as of now, I will be moving around a bit due to the military/training, so I don’t know what they will attempt to do.

    Obviously, I know I screwed up. I plan to resolve all of the debts that I have, but I just can’t afford to do so at the moment. Once I have some military aspects taken care of, I should be able to seriously tackle the debt in another year or so.

    Thank you in advance for your time — I really appreciate it. Any advice/recommendations/suggestions that you may have for me would be welcomed. Thanks again!
    Thanks for your responses! Just to clarify: I opened the account in Massachusetts (SOL should be 6 years I believe) back in 2003. I’ll have to contact Chase Recovery on Monday to determine the exact last payment date. Also, with me moving around so much, I don’t want the CA to determine that I rejected the Summons, when in fact I never received it to begin with.

  • Irma says:

    I have about $71,000 in credit card debt. It’s a combination of lotsa medical debt and rolling over lots of other stuff. Don’t judge, I already know I’m in trouble.

    I have NEVER been late on a payment (on anything, ever). The debt is spread over 5 cards and ALL BALANCES are at 3% interest or lower. The balances are such $32,000, $14,000, $10,000, $10,000 and $5,000. On these I pay $470, $300, $200, $150, and $150 per month. I also have 2 other cards available with $30k limits each – in case balance transfer is suggested by someone.

    With the housing market as it is, I cannot get a home equity loan to consolidate debt. I also have $20k in student loans.

    My monthly bills are making it so I CANNOT make ends meet. Rather than have any missed payments or late payments, I put groceries and gas back on the credit card I’ve just paid on time. This is NOT RIGHT, but I don’t know how to stop this evil cycle I’ve gotten myself into.

    I buy generic, cut coupons, conserve electric and water, and penny pinch like crazy. I pay extra on bills when I can, but that bites me in the ass when auto insurance or HOA dues come around and I don’t have any money saved and just end up putting those on the credit card again.

    Any suggestions?

    – I’ve always had a great credit rating, despite my credit card debt. I’m not sure if a consolidation loan or trying to settle on a few cards would be the best bet. I have no collateral to offer for a consolidation loan. I’ve already ebay-ed everything I can for some living expenses cash. And IF I could get a credit card to settle (which I doubt they would because I’ve never made a late payment), I have absolutely no cash lying around to pay the settlement amount…so prior to trying to settle, I’d probably want to get that cash from a totally different credit card and have it ready to pay the settlement amount.

    ACK! What has happened to me?? Please help with good suggestions and not yell at me for falling into this mess – my stress level and health has already suffered due to this mess. Thank you.

  • Fidel says:

    Because of last year business loss .Now i have nothing to pay to them.They harassing on the Phone and visit home.To keep them out and is it any NGO or Govt. Institution can help me ?I want Solution very urgent.please give me any idea or suggestion.How can i do that ????????????
    I am not interested to announce bankruptcy

  • Lane says:

    I have recently paid off all of my delinquent credit card debt with the exception of one company. I am trying to negotiate a settlement and this creditor wants the entire amount, which I don’t have…Anyone have any suggestions on what to do?

  • Suellen says:

    Our credit rating is good+ but We’re struggling. And most likely will get worse. (lost good healthcare). I hear Debt Management Programs can help but will mess up your credit. Is that true? Most people who use them don’t care because their behind anyway. Lenders aren’t lending for dept consolidations or 2nd mortgages also. We have 2 homes, renovating 1 to move into, want to sell the other (we live in) when we can move in the other. Both are mortgaged. We have another house (3rd) that we are the note holders on and get monthly income. We tried to sell the note but can’t find a bank willing to buy a private mortgage. Any ideas or suggestions?
    Thanks

  • Ethelyn says:

    This is mostly on my credit, only 3,000 is on the husbands. He has great credit, me not so great. I dont want to worry him with this, why have us both depressed and worried. I have considered contacting a debt consolidation program but dont wanna be scammed. Any suggestion, besides dont spend $ and get another job to pay them off :)

  • Krysta says:

    They are a company that supposed negotiates with your creditors and settles for fifty cents on the dollar. I have tried settling with them myself, but the only way that option will work is if I pay it as a lump sum. I would love to do this on my own, if possible. I will take all suggestions seriously. I have about $10,000 in credit card debt that I want to get rid of in no more than two years, b/c after that I will have student loans to pay back. I tried a while back offering up $5000 in cash to clear the accounts, but to no avail. Please I need to correct this asap

  • Omer says:

    If I stop paying on credit cards will they put a lein on my home? I can not afford the payments anymore and they are to high to consolidate?

  • Diana says:

    Ive heard various radio commericals pertaining to this topic. I have alot of credit card debt well over 20k i would say; however, my credit is pretty good (timely payments, no overcharges, etc…) My question…if i were to settle my debt as described in these radio ads; how bad would i hurt my credit?

  • Cliff says:

    I fell into hard times after I was laid off in 2007 & I fell behind on my credit card payments

    One of them was sold to a collections attorney & I got served on Friday with a lawsuit from them for the amount of the debt ($3700). I obviously don’t have money for an attorney & I’m completely lost as to what I can do at this point. Any suggestions?

  • Andrew says:

    went we buy the house they check our credit we had to pay any debets in oder to get the load one week ago they call me from collecting agency saying the we owe that many from the credit card my husband paid part at that but then he stop because the deficult situacion we went through, is already 10 years we bought the house last year I dont understand why the debit is there now and what I have to do? thank for you attention.

  • Marcela says:

    Ok am in a bad position. I don’t want to go for settlement so am try my best to do what i can.

    Situation (currency INR):
    Salary 31000 pm in hand
    emi (others) 16000
    total debt around 3.5lakh (on 4 cards)
    i am as of now paying the lowest payment. (i know i pay interest on that)
    debt is mostly because of my buying habits which i am strongly working on.

    Suggestions please..

  • Raymond says:

    Alright, Im a college kid 7 months after graduation and im in over my head. right now, im about $12,000 in debt on 5 different credit cards. I want to kick the crap out of this debt so i am picking up a second job on the weekends and putting all my earnings towards the cards. Now i called a Debt Consolidation place that you always hear about on the radio and tv commercials. They gave me 2 options. 1.) Settlement- Somehow the debt consolidaters get the amount i owe way down and i pay them $250 a month for 38 months and bam my debts gone, but the catch is that my credit goes through the crapper for 38 months. 2.) Consolidate my debt and the debt company get the interest rates down to a lower amount…i pay them 336 a month for 42 months and my credit doesnt get effected at all…right now im paying 322 on the minimums and im not making any headway. Im tryin to figure out my best options to kick the crap out of my debt. any suggestions oh wise financial lovers?

  • Jackqueline says:

    I am young and went a little over on my credit cards. I have about four credit cards and it equals up to about $4000.00 they are already in collections and are closed. Due to me being out of work and having some other personal problems I wasn’t able to pay anything for several months. I was lucky and was able to save a little over a thousand dollars from working two jobs. I want to call them to try and settle one company already sent me a letter saying I could settle for about a hundred and I owed six hundred. How should I go about settling with the other credit card companies?

  • Reid says:

    I have several credit cards with large balances on them. The credit card companies have increased the interest rates so high that now, I can barely make the minimum payments. Is there any way to get out from under this burden without claiming bankruptcy?
    CatDad, that information is very helpful. I thought there there was a public source of credit counseling, but i did not know where to find it. I had thought about he debt consolidation, but something told me to stay away. Now, I know why.

    I have a small internet business that requires the use of credit cards. If I cannot run the business, there is no way I can pay the credit cards. I use it to supplement a pension.

  • Rosena says:

    I am over my head in credit card debt and would like to know if I can settle it for lesser amounts than my balances. What are the steps that I need to take in attempt to achieve this? How will my actions will effect my credit score? Thank you

  • Agatha says:

    My husband used a credit card from Best Buy a few years ago to get me a laptop for school (he’s wonderful). To be honest we just kind of forgot about it after making a couple payments. We receied a summons to court for the judgement and we would like to call the attorney and talk about a settlement. The card is only $1,500 so what should we offer for the settlement? I don’t really know how these things work and the only experience I have with bargaining a price is when I bought my car. However I don’t think the same principles apply. Any suggestions?

    Don’t say anything stupid or rude about this. You just make yourself look stupid and make yahoo answers a nasty place. Thanks :o)
    Good question CatDad. We got a few calls and that’s how we first started making payments (because they would call). After a couple months they just stopped calling. It was weird…we moved and so we didn’t get any mail about it. We really just made a mistake and spaced on it I guess.

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