need tips on how to lower my debt?

Question

I pulled me credit report and I have about $7,000-$8,000 in debt most of it is charged off can i still make payments on them to lower debt and raise my credit score

Answer 1

1. Make a budget. You need to be realistic about what you bring in each month and what you spend. Chances are, you’ve been in some denial lately about how much money you really have at your disposal. So sit down and take stock. Figure out how much you must have to pay bills, buy groceries and gas, and other necessities. You can save and spend the rest.
2. Stop spending on those cards. You are only leading yourself further into debt. Sometimes when people rack up the credit card bills, they tend to shop even more to alleviate the stress associated with debt. Unfortunately, this is a vicious cycle. To make a change, you first have to admit you have a problem, and then decide to do something about it.
3. Look into credit card debt consolidation. If you have debt spread out over several cards, you may be able to move your debts to a single balance transfer credit card with lower interest. But as always, read the fine print. This interest rate could skyrocket if you are late with one payment or at the end of a trial period.

Answer 2

Even if you repay those debts, the charge off will still remain on your credit score and credit reports until they expire from being viewed (7-10 years). I don't know how old the charge offs are but by making payments on the accounts will start the aging process again by keeping them active. That 7 year time frame is from the date of last activity so if you pay on them, the clock starts over and will stay on record until seven years from the date the debt is paid off. That's not gonna help raise your score... it will increase your debt and credit ratio. Now that you have your credit reports (hopefully all three) challenge any outdated or inaccurate information. The creditors have to reply to your challenges or they must be removed permanently. Look over those reports very carefully for errors.

Answer 3

You can likely settle that debt out for about 4000- then pay about 600- to get into a quality credit restoration program to rebuild your credit quickly. If you own a home, you could refinance or get a home equity loan to expedite this.

Answer 4

Don't go shopping spree that much.
If i were you,i would only use my credit card once a week and
trying not to buy that much,SINCE I GOT IT!
Well, to lower it for now,get a job.Borrow money from a bank.

Answer 5

If they are showing up as charge offs, they will continue to show up as charge offs even if you pay them now. They have to time off (7 years). Use your money to keep up with your current bills instead.

Answer 6

There are some great websites which offer free advice. You need to read them before you start paying or talking to any collection agencies. You don't want to lengthen your statute of limitations.