I am considering attempting to settle some of my debt. I am current on all of my accounts but it is difficult to pay them each month. I currently pay about $1200 in monthly payments on cc's alone. I can continue to pay the $1200 but nothing will ever be paid off. Would it make sense to list my accounts beginning with the smallest balance and going to the largest. Then stop making payments to the majority of the accounts, but the first month pay off the smallest with the $1200. The next month use that $1200 to pay off another, and so on. I have several accounts that could be paid in full within the first 5-6 months. Then I could go for a settlement on the remaining accounts. Does anyone think this would be a good idea or do you see any major problems with doing this?
I am also curious to know how bad it is to answer the phone calls and just tell them that I can't pay and I don't know when I can pay. Wouldn't that prevent them from calling relatives and such. Wouldn't it also stop them from calling 10 times a day. If I answered the first time they called each day and explained that would they continue to call more that day? I feel foolish asking, but I just don't know.
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