How long will it take to settle 5 credit cards/? And, how much do I need to save for that? I owe $300 on a Chase credit card, $1000 on Amex, $2500 on Citi, $6300 on Discover, and $2100 on a BofA card. Discover has charged-off my credit card. So, should I contact them or the collection agency? Is government relief programs applicable for charged-off accounts too?
Save at least 50% of your total owed amount before initiating the settlement process. Tough to say how long it would take to get out of debt. it may take as long as 2 years to clear all your debts.
Sub: #1 posted on Mon, 05/11/2020 - 06:03
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I would suggest you to pick debt settlement option and save as much as possible. But you need to be patient, as it may take as long as 2 years to get out of debt, as David said earlier.
Sub: #2 posted on Mon, 05/11/2020 - 08:04
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Sub: #3 posted on Fri, 05/15/2020 - 04:43
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Secondly, many credit card companies are offering relief like lowering the interest payments, allowing to skip payments, etc to the consumers due to the pandemic. So, if you are going through financial hardship due to COVID-19, talk to your creditors about it and seek relief.
Sub: #4 posted on Sun, 05/17/2020 - 21:48
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