debt settlement
Date: Fri, 05/25/2012 - 15:01
I just settled a line of credit for a large dollar amount. I want to settle my other credit card debt later on. Will paying off the larger debt first hinder me from settling with the less expensive ones with a low payment? I am afraid if they see the large amount I settled that they will want just as much. I will only have XXX amount of dollars to give to each one. Since they all have access to my credit report I am curious if that will work against me.
It might...it might not. Simply tell them, this is what you ha
It might...it might not. Simply tell them, this is what you have....take it or leave it. You will offer it to the next creditor.
Budget, thats the best tip I can offer you. Eg: Bigger debt is
Budget, thats the best tip I can offer you. Eg:
Bigger debt is worth $2000
Smaller debts are for $300, $200, $500
You have $2500 in hand
Say the best you can estimate as a settlement for the bigger debt is 60% of the amount owed (60% of 2000) which is $1200. Worst case settlement scenario is a 75% settlement which is $1500.
Budgeting based on estimates will give you a pretty clear picture of how much you can afford as settlement for each account, taking into consideration all contingencies.
