I am really struggling to make payments on my credit cards. My credit score is already fairly bad, and I don't want to make it worse by making late payments. Would it hurt me for a long time to settle on one of my credit cards? If they do accept a settlement, what % should I go for?
2007-10-29 11:43:05 · 4 answers · asked by tangyterp83 6 in Business & Finance ➔ Credit
Try CCS before settlement if your 90 days or less behind they can help. They will only technical effect your score by 15%.
Debt settlement is a little more complicated but for the right person its a life saver. Be fore warned IF you do not know what you are doing you will end up in bankruptcy court. I suggest you go to ihatedebt.com. I found that site to be educational.
DO UR research. Don't just listen to the answers you get on here.
I work in both settlement and ccs if you have any questions or need more references to other informative sites feel free to email me. I encourage you to READ READ READ and understand everything before making a decision.
Kourtnie
Prosperity Financial
2007-10-29 14:36:32 · answer #1 · answered by Kourtnie D 4 · 0⤊ 0⤋
Unless you are in default, it is not likely the credit card company will accept settlement.
You need to set up a strict budget. Get rid of all the extras -- cell phone, eating out, new clothes, premium cable and internet, etc. Take every penny you can squeeze out of that budget and throw it at the highest interest rate credit card, while paying minimum on the rest. When the highest rate card is paid off, move to the next till they are all paid off.
Consider bringing in more cash to throw at the debt -- have a garage sale, collect alum cans, get a second job.
If you are struggling to keep up with credit card payments, you are living beyond your means. You have to stop using those cards and get a handle on that debt before it takes over. If you put your mind to it and work at it, you can get all your debt paid off in 2 or 3 years. And you'll end up with a good payment history.
2007-10-29 18:51:52 · answer #2 · answered by bdancer222 7 · 0⤊ 1⤋
I agree,,its a step above bankruptcy....i would suggest going to a credit counseling service which would negociate a proposal with all your creditors for a lower APR, no late fee or overlimit fees , this would show that your making an effort to payoff your debt...
2007-10-29 19:31:53 · answer #3 · answered by FatBurner 1 · 0⤊ 0⤋
It's not great, but it's better than bankruptcy.
2007-10-29 18:52:02 · answer #4 · answered by First Lady 7 · 0⤊ 0⤋