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Is it a good idea to go with a debt settlement company? I know it will affect my credit score for the time being, but it will be affected either way because I can’t make the payments. I have ,000 total. 00 with my GM card, 00 with US Bank, and 00 with Regions. I just want to make sure that debt settlement is the way to go. There’s no way I can afford to pay the ,000. I also had a good realationship with my GM card we were always paying on time or paying in full with our tax money. But this past winter I had a baby and was on maternity leave for longer than required for reasons and my husband was laid off for 4 months so we had no income but some money in savings which didn’t last long. Please can someone help me?


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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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Jan/10

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DEBT SETTLEMENT WITH CREDIT CARD?

asked:


I am over my head in credit card debt and would like to know if I can settle it for lesser amounts than my balances. What are the steps that I need to take in attempt to achieve this? How will my actions will effect my credit score? Thank you

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