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Credit Card Advice
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Posted by Blue Sky (65.80.31.199) on October 22, 2002 at 22:14:22:
I got in big debt, and totally ruined my credit report. I couldn't qualify for squat these days. Totally shot. Big time! Yet, I've managed to pay off all but two credit cards now. (After not making any paments for six months!) They are discounting the balance by 50% to 80%, but insisting on large payments over six months. At this point, with my credit totally destroyed, will it benefit me to make these huge payments for six months to this collection agencies? Will it make any difference to my credit? What if I don't pay them, or just pay them what I can afford for the next five years? Also, one company refused to put the agreement in writing, only verbal. How much should I be concerned about that? Appreciate any help anyone can give me.
Thanks much!
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