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Debt settlement

Date: Thu, 04/15/2010 - 21:11

Submitted by j smith
on Thu, 04/15/2010 - 21:11

Posts: 4 Credits: [Donate]

Total Replies: 5


How would this work?

I have 5 different credit cards.
2 with 5-6 thousands balance.
I know if i stopped paying those two and concentrate on the other 3 it will put my other two into default and my credit score will be bad.

Can i still try to pay my other 3 low balance credit cards?
will this help/repair my score?

I'm planning to settle my other two high balance.

Please advice how how this can be possible? what are the consequences? thanks


You're right that defaulting on your credit cards would affect your score. Hence, you would need to determine what's important to you.

Is balance transfer an option to you? You can transfer your high balance credit cards to low interest ones and try to pay it off before the low interest period wears off.


lrhall41

Submitted by SC on Fri, 04/16/2010 - 02:36

( Posts: 3937 | Credits: )


You actually need to think about what exactly you are looking for! If you are looking to pay off the low balance accounts by defaulting on the high balance ones, then your credit score will take a hit. Instead I would suggest you to have a word with these creditors and explain them your situation. May be they will work out a payment plan with you which you can afford. A debt settlement program would not be a good suggestion! Why pay someone else for something which can be better done by yourself FOC??


lrhall41

Submitted by Stephen Roberts on Sat, 05/08/2010 - 06:14

( Posts: 63 | Credits: )


Quote:

Originally Posted by George rosenberg
It is not safe to hold more than one or two credit cards. If you find it difficult to settle your debts get into any debt settlement program to clear your debts. To settle your debts visit here www dot debtsolutionsgrp dot com.



Hi Mr. Rosenberg! You might want to edit your post! Because giving out private details is not allowed on this forum. This is a forum where we help people with our suggestions to get out of debts. This is not an advertising board.


lrhall41

Submitted by Stephen Roberts on Sat, 05/08/2010 - 06:16

( Posts: 63 | Credits: )