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My friends suggested that I start trying to settle on my credit cards. This month I've decided I just cannot pay the bills anymore. I can pay the rest of my bills barely and the CC minimums add up. So I was told to let the cards get 3 months behind and then start calling and settling. Has anyone done this and been successful? Do you request that you get it in writing from the CC company before you pay them? I don't want their to be an agreement over the phone and then me pay and them not hold up their end of the bargain. I am not worried about my credit score because it already sucks because I have "too much debt" even though I'd never paid late.
dont default on your cards
Hi Emanuel,
You should not default on your credit cards. This will hurt your credit negatively. Can you tell how many credit cards do you have? Debt settlement is a good option for you to pay off the debt. However, debt settlement will hurt your credit score. Thus, you can go for debt consolidation program. In debt consolidation all your debts are consolidated into one, and you need to make a single monthly payment. Consolidation does not even hurt your credit score.
Thanks,
Aaron