Jul/10
8
When's the best time to negotiate a settlement on credit card debt?
1 Comment · Posted by sanbank in Credit Card Debt Settlement
I need to settle my credit card debt. Is it better to wait to negotiate with the collection agency or before it goes to the collection agency or at another point?
Thanks in advance.
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Credit Card Debt · point thanks · thanks in advance
CatDad · July 8, 2010 at 11:43 pm
How many months behind are you on the payment (or has the account completely been charged-off as bad debt)? You’ll get a better deal if the account goes to collections…but if you wait your credit card company might decide to take you to court. You can never predict how creditors will respond to a default, so there’s an inherent risk here in playing the waiting game to get the lowest settlement deal.