Re: 27,000 in Credit Card Debt

Posted by Linda (65.120.51.29) on May 14, 2002 at 02:44:49:

In Reply to: 27,000 in Credit Card Debt posted by Bela Fonte on May 13, 2002 at 17:55:20:

Settlement=charge off. Charge offs are very bad, not good. "Settled" on your credit report is bad. Just as bad as bankruptcy, and perhaps more devastating because the amount you don't pay is then sold to collection agencies who will hound you forever, reselling the debt every few months, and each of them trying to keep it on your credit report, calling trying to collect it for a profit.

Who is telling you that settling is good? If you can't pay and live, then get out from under by taking bk BEFORE the law changes. Soon bk will be more difficult.

Go see a lawyer.

Linda

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