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charge off

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Posted by suzanne ( on September 26, 2002 at 17:10:31:

I have a friend who came to me for advice, because I know a little about credit repair but I wasn't exactly sure which would be the better solution. A credit card which she's had for a couple years (30% interest by the way)has just told her that if she doesn't start paying 75 rather than 65 dollars a month they are going to just charge it off.
I told her that she should probably just let them go ahead. She is a single mother who can barely put the resources together to eat let alone coming up with the card payment every month.
I figure it's more important to pay for the needs than the card and if she can't handle it why pay not even enough for the interest every month.
The balance is $3000. Do you think there is a good chance they will try to take her to court? Would it almost be more advantageous in the long run than paying such high interest? I know a judgement screws up your credit rating but would she maybe end up paying less if they garnish wages than trying to pay the card off for years?
Thank you in advance

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