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I have approximately 20k in credit card debt broken up with BOA(12k), Amex(6k), and Citi(2k). I am selling my car in order to pay off that loan and have some money, and I have some other owed money coming, so my total cash on hand will be 20k. I have my housing provided for me as well as food. However I am unemployed, and I recently became a full-time student in order to provide better employment opportunities in the future. I had a score of like 810 and never missed a payment, but with my debt ratio around 80% its at 720 now, and is declining steadily.
Since I am about to have some cash on hand, should I aim to get a settlement?
Debt settlement
Hi Paul,
Yes, you can try to negotiate a debt settlement. However, debt settlement will hurt your credit. Thus, you can try consolidating the debts. Debt consolidation lowers the rate of interest on the debts.
Thanks,
Aaron