Need advice on paying back cc debts - best route?

Posted by Liz (205.188.208.41) on July 12, 2003 at 18:13:26:

I live in NY and due to loss of employment, it's been 1 1/2 years since I last paid my several credit cards. Totaling $25,000 and growing. I beleive they are all currently in a charge-off status.

I am not receiving any collection calls anymore, however, I still need to address this mess.

I am working part-time and cannot really afford to pay anything at this time, but when I find gainful employment or run into any money, I need to know what would be the best approach in settling with creditors.

Should I settle in full (penalties and interest) or try to negotiate pennies on the dollar?

Thank you.

Liz

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