Paying off CC

Reply Fri 3 Feb, 2017 07:19 am
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?
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Question • Score: 1 • Views: 1,828 • Replies: 3
No top replies

Reply Fri 3 Feb, 2017 08:58 am
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.
0 Replies
Reply Fri 3 Feb, 2017 09:13 am
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:


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 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.
Reply Fri 3 Feb, 2017 09:29 am
Also, read this in its entirety:



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.

0 Replies

Related Topics

Financial advice, please! - Question by LauraFullman
Credit questions - Question by curtis73
Does anyone else eschew credit? - Question by Cycloptichorn
The States Need Help - Discussion by Robert Gentel
Overcharged credit card help. - Question by littlek
Credit and Finance related questions. - Question by tsarstepan
Does anyone know how loan eligibility works? - Question by The Pentacle Queen
  1. Forums
  2. » Paying off CC
Copyright © 2023 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 12/04/2023 at 02:48:13