I spoke to my credit card company and gave me two options. They can let me close the account and offer low APR so I can pay it off in 5 years. By doing so, my minimum monthly payment goes down from 400$ to 0. They also advise me that I can settle the total amount of the debt in that case the debt can be reduced ~30% however they warned me that my credit score can be screwed. Does anyone know how much it will affect my credit score? I have 3 credit cards with that bank and does it mean I will have three settlement?
THanks,
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<< When's the best time to negotiate a settlement on credit card debt?
Ed Atun · July 6, 2010 at 11:42 pm
Your credit score will drop below 600.
They might bundle all 3 settlements. Or do them separately. However they want to handle them for accounting purposes..