credit card debt settlement
Date: Mon, 03/31/2008 - 06:50
If a person is able to settle with a credit card company for say 40% of the amount owed what affect does this have on the persons credit and for how long will it stay on the credit report.
You cannot settle on a credit card until you are about 120 days
You cannot settle on a credit card until you are about 120 days delinquent - so your credit score is already tanking - so to settle a delinquent debt is better than continuing delinquency. It all affects your credit adversely. Personally, one should not settle a debt unless they really need to and you are having a true hardship. In that case, what is more important; a credit score or getting your financial situation back in order?
