8 myths about settling credit card debt By Sally Herigstad and Karen Haywood Queen “Get out of debt today!” When finances are tight, the promises you hear in debt settlement ads sound appealing.
Daughters of the American RevolutionMrs.
I have a lump sum I can use to pay off maxed-out cards. Should I pay them in full or settle for less? Since both paying in full and settling will eliminate your credit card debt, you should consider cost savings and the impact of your score of each possible option.
Thanks for commenting.
Yes, settling a credit card debt after it has been charged off and a debt collection agency is contacting you for payment is always an option.
Should I send them a letter to validate the other two debts before they sue me for them?
I have unpaid credit card debt. Can you negotiate a credit card debt if you are being sued? —Darby.
However, for some consumers, debt settlement may be the best choice.
If you are looking for information on how to settle a credit debt with Citi, then you are probably familiar with the following: “The above referenced account has placed with our company for collection.
How Debt Settlement Works — This is a 4-part series.