Feb/10
11
Any reccomendations on paying off a credit card debt of $20K.Does debt settlement really work?
4 Comments · Posted by sanbank in Credit
pendy49 asked:
I was able to negoiate and close CCs and set up other credit cards on low 2-3% interest rate 5 year plan…The bank will not negotiate my other $20K…has anyone ever refused to pay off a credit card & settle with the bank
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I was able to negoiate and close CCs and set up other credit cards on low 2-3% interest rate 5 year plan…The bank will not negotiate my other $20K…has anyone ever refused to pay off a credit card & settle with the bank
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Credit Cards · Debt Settlement · Interest Rate
Judy · February 12, 2010 at 8:09 pm
credit card debt settlement
Run, and run away fast from debt settlement companies.
You pay them a ton of money and they will only ruin your credit.
You can easily end up in court anyway with your wages being garnished.
Go to your library or bookstore and get a book on debt/credit repair.
You can easily do this yourself.
They teach you how to negotiate, settle, or reduce interest rates.
Don’t get taken….
/
CatDad · February 14, 2010 at 5:53 pm
credit card debt settlement
Credit card companies don’t settle on current accounts….You usually have to be at least 3 months behind on payments before they start to offer settlements….some don’t settle until you’ve completely defaulted. Not all creditors will settle…they’ll take you to court instead.
Some people deliberately default on their cards to try to settle for 50%…This is a dangerous game to play. If it works….you can cut your debt in half…if it doesn’t….say hello to court judgements and wage garnishment.
amontef · February 15, 2010 at 1:40 am
Kansieo.com
I agree with Judy about debt settlement companies. Most of them charge you a fee per month to setup a fund for you. Once you reach a certain amount in that fund, then AND ONLY then, will they even begin to bargain or negotiate for you. There are at least 2 problems with this procedure.
#1. Is that you end up paying them more money on monthly fees then you would have paid to settle you debt by yourself.
#2. The settlement they achieve may end up being less of a percentage off then what you could have done yourself.
Hopefully you have records of your attempt to settle with the bank. That will be your proof should they decide to try to take you to court.
Paul · February 15, 2010 at 1:59 pm
Caffeinated Content
I would check out They have a list of very good debt relief and help companies.