Is it better to settle your debt with credit card companies, or pay them off? It's cheaper to settle.?

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Is it better to settle your debt with credit card companies, or pay them off? It's cheaper to settle.?

2007-02-16 05:19:43 · 2 answers · asked by mediaevael_baebe 1 in Business & Finance ➔ Credit

2 answers

It's cheaper to settle in the short run. It is more destructive to your credit report than if you were to pay them off. It will show on your credit report that you settled for less than full balance.

2007-02-16 05:25:33 · answer #1 · answered by ladywildfireok 3 · 0⤊ 1⤋

It is cheaper, but your credit will suffer because the credit card companies will report that they settled for less than the full amount owed.

2007-02-16 14:12:10 · answer #2 · answered by ? 7 · 0⤊ 0⤋