If I am unable to repay the entire credit card balance now, what makes more sense - continue making the minimum payments or negotiate to pay a lump sum and get rid of the debt. Even closing that account will be no harm
Negotiate to pay a lump sum
and get rid of the debt. But to do it, you have to stop making monthly
payments for the time being. Otherwise, creditors may not agree to
reduce your payoff amount.
You can talk to your creditor
for an alternative payment plan. It is better not to close the account
even after settling and paying back debts since it will reduce your
credit limit, for which, your credit score might get reduced to some
extent.
If you are not able to pay,
then negotiate with the creditors for the lump sum payment. Tell them
that you can't repay the full balance. However, you have to convince
them. You can consider debt settlement plan for
it.
Sub: #1 posted on Thu, 08/01/2019 - 21:10
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Sub: #2 posted on Thu, 08/01/2019 - 23:34
(Posts: 295 | Credits: )
Sub: #3 posted on Fri, 08/02/2019 - 06:36
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