Should I stop paying my credit cards?

Submitted by dantheman1099 on Wed, 08/26/2009 - 00:44
Forums
Credit repair

I have about $15,000 in credit card debt in my name. My wife has about $55,000 in her name. Her credit is better than mine and we use her income and credit for home refinancing, etc.

I am considering halting all payments to my credit cards (all current) to get the creditors where they'll negotiate settlements and pay for deletes. Is this a good idea?

My credit score is in the 630's

carol

Hi dantheman1099

IMO you may get in touch with the creditor and explain to them if you have any financial trouble and request for a settlement. Maybe a loan modification would also work for you. You could explain to your creditor why it is difficult for you to make the payments you are making right now. They may lower your interest or extend your loan term or any other arrangements. But don't stop making payments as it will affect your credit report and why would you want to hurt your score and your report?

Wed, 08/26/2009 - 04:15 Permalink
dantheman1099

I'm not really having financial trouble now. I did in the past and I have some late pays showing up on my report. I recently was 1 day late on a card and it immediately raised the rate from 9% to 27%. They refuse to lower it. This is similar on a couple of my cards.

I agree that it would hurt my report, but wouldn't this be temporary because I'm going to get a pay for delete?

Thu, 08/27/2009 - 02:47 Permalink
goodnatured

How do you know for sure that they will agree to a pay for delete? They may not and then your score will stay lower. Just becareful that you don't do harm that you can not fix, it takes a long time to recover from a late or negative on your report.

Thu, 08/27/2009 - 02:57 Permalink
James Orr

I would like to advice you that,Do not stop paying them. It will effects on your credit report & its going to harm your current credit score that is 630,It's not a low credit score.If it damaged it will take more time to recover. So avoid late payments & missing payment too.

Thanks & Regards.
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Thu, 08/27/2009 - 09:21 Permalink
carol

Hi dantheman1099

I hope you have all the agreements in writing. Agreements like pay-for-delete can be very important for your score. So make sure you get this in writing to avoid any hassles in the future.

Thu, 08/27/2009 - 12:39 Permalink
crorkz matz (not verified)

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Tue, 08/05/2014 - 21:58 Permalink