Paying off CC

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Every week I get at least 3 offers in the mail from companies that will renegotiate my credit card balance to a much lower amount. I have one rather large balance and am a faithful payee, always paying more than minimum balance, but will never get this paid off.

Are these offers legit? Will it hurt your credit if you work with one of these companies? Anyone done this?

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@PUNKEY,

I haven't done this although I understand this (it's debt consolidation) is one way to get stuff paid off. I would suggest, if you can, moving your debt to whatever is your lowest-interest card or getting a lower interest card, if you can. Because if you are working to get things paid off, it's the interest that will do it to ya.

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@PUNKEY,

I haven't ever renegotiated the credit card balance. I suspect renegotiation only works if you're behind on payments.

Here's what seems to be a reliable article:

http://www.creditcards.com/credit-card-news/help/8-myths-settling-credit-card-debt-6000.php

Quote:

Myth No. 4: Debt settlement won’t hurt my credit score.

The truth: Debt settlement can hurt your credit score almost as much as bankruptcy would.

We've managed to clear off some significant debt by up getting a debt consolidation loan at a much lower interest rate, and then making damned sure we didn't accrue any more debt. It was hard as hell.

Step Zero: STOP USING CREDIT CARDS
Step one: Raise your credit score. Get your annual free credit reports. Check anything that's on there. Pay off/settle/contest/get current.
Step two: Debt consolidation loan.
Step three: Pay that sucker down.

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@DrewDad,

Also, read this in its entirety:

https://www.consumer.ftc.gov/articles/0149-debt-collection

Quote:

Debt Collection
Related PDF
Order Free Copies

If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.

...

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Paying off CC

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