Credit Card Debt Pay Off

I have a good job now, and make pretty good money. I got all my college credit cards paid off, except for one. I was told that I can "settle" that credit card debt for approximately $450 less than what the full balance is (settle the $2,100 debt for about $1,650 if I paid in full). Problem is: I can afford to pay in full the whole $2,100...it is already on my credit report as negative because of it being delinquent so much (several times in about 3 years with no payment on the debt for 3-4 months). Someone told me if I settle for less, it will be worse on my credit report. But if its already negative...what is the better option? Keep in mind also that I closed the account about 2 years ago. Should I pay it off fully, or just settle and save money? Will it ever show up as positive on my credit report? Or just as "closed/paid off" status. Which is better? Sorry about all the parts to my question! :) Please help!!

i think, well paying in full might say a little more than paying a debt on sale by the agency.. for me i would also feel more comfortable not only showing a loaner that not only was my past debt paid in full, but without a collection agency's discount offer.. Also, remember collectors usually are happy as long as you show an interest in paying off your debt.

2007-01-24 17:56:39 by D

Learn how to reduce your credit card debt faster using the Snowball Method. Visit www.debtopedia.com for more helpful information and to get a ...

I've heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I've also heard of government grants to pay unsecured debt(credit cards), but I don't know where to get the info on them. I'm considering a second mortgage to pay these off with a lower interest rate. Thoughts?

We no longer use credit cards, so the balance only increases because of high interest rates.

Transfer your current credit card balance to an interest free card. This usually gives 9 months to pay off. Make paying off the debt your main priority above everything else. If you have balance at the end of the 9 months on the said card, transfer to another of the same free interest.By the way the credit card should not be used for any more purchases whatever. The sole purpose is to pay over all monies owing

2009-07-27 09:41:27 by The Bees Knees

Price: $5.95

Suppose you were given $500 (friendly relative), you have three cards with debt. On two of them you owe $250 and the last you owe $3,000. Is it better to pay off two credit cards that are $250 each,or pay the minimum on those cards and the rest towards your $3000 debt?

That's funny you mention this question on here, becuase I'm going through the same thing myself. I have 3 credit cards that I'm paying down, and I'm coming into some money that would pay off 2 completely and a portion of the 3rd, or ½ of the larger one and none of the other 2.

It would depend on how much you're at the limit on each card. If you're maxed on all 3, what you may need to do is split the $500 between all three. $175 each on the $250 ones, and the rest towards the $3000 one. At least on the 2 $250 accounts, you would only need to pay $75 each and then you're done with those cards. But in all reality it's up to you on which way you want to go. Even if you pay $500 towards the $3000 one, your minimum payment would be at least $75 in addtion to paying the minimum on the other ones. At least by
paying at least 70% on the 2 smaller ones, it gets you closer to paying both of them off and then focusing your attention on the bigger one.
If the bigger one has a higher interest rate, then it may be in your best interest to pay it down.But like I said, it's really up to you how you want to do it. Pay off 2 and then concentrate on another, split it up between the 3, or pay on the big one and leave the other 2. It your money, therefore it's your choice

2007-09-18 12:13:12 by Tim L

Price: $8.95

Kidding.. but if anyone does have extra cash..I'd be grateful for the offer. Actually, I'd like to know advice on the best way to pay off credit card debt. I have about 10,000 in credit debt. Mostly from going through a divorce a few years ago.

I'm going to check your answers because I need the same help!! GOOD LUCK!

2007-02-06 14:11:25 by 1yugpj

Assume $8,000 credit card debt. Should I pay off cards first? I have a very high credit score due to paying off two new cars (long story).
I'm currently paying them down. Just didn't know whether I should even try to save for the down payment or put 100% into paying them down. I have about 1200 a month extra to "play" with. I want to fix all this college-time debt in case our economy heads into a recession.

let me if i can give you some advice

first get out of debt , cut up the credit cards and never use another one for as long as you live i am not trying to be rude , but very serious , debt is dumb , debt destroys more things then you know . at 42 i am and will always be 100% debt free

i have never owned a credit card , never bought a car with a loan have never taken a loan until i bought my house ( the only thing anyone should ever use credit for ) and i was approved
in less then 2 hours ( ps i had no FICO SCORE )

lenders do still look for people that stay out of debt


read this

www.daveramsey.com

2008-02-04 11:24:17 by Powderpuff