paying of credit card debt

Date: Wed, 08/04/2010 - 13:37

Submitted by anonymous
on Wed, 08/04/2010 - 13:37

Posts: 202330 Credits: [Donate]

Total Replies: 2

I would really like to pay down my credit card debt and im wondering the best way to go about it. I would like to pay less than what I owe, if its possible, i've heard of the term "paid as agreed" and if that would be a good idea. I've never missed a payment and am currently paying the minimums each month, and I dont want to hurt my credit. Any suggestions?

Are you referring to settlement ? . Settlement is an amount agre

Are you referring to settlement ? . Settlement is an amount agreed by creditor to accept in order to close the account. This will surely hurt your credit score. However, if the intention is to pay balance in full than you might consider contacting creditors to offer your lower interest rate.

Who is your creditor ? How much do you own ? How much is your monthly take home income ? How much do you have save ?

Are you willing to take a hit on your credit score ?

These are few question you should consider prior to making your decision.

lrhall41

Submitted by on Wed, 08/04/2010 - 21:25

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If you want to lower the outstanding debt amount, then you can

If you want to lower the outstanding debt amount, then you can go for debt settlement. Debt settlement lowers the outstanding debt amount by 40-60%. However, you should keep in mind that debt settlement can hurt your credit. Though you have still not missed payments, you will have to do so before settling the debts.

If you are currently facing any financial hardship, you can request the creditors to agree to a repayment plan. However, it will be better if you try getting a part time job atleast to make more than minimum payments to pay down your debts more quickly.

Please provide more details on the debts you owe. What is the outstanding balance on these cards?

lrhall41

Submitted by SC on Thu, 08/05/2010 - 05:21

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