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What is the best way to settle debt?

What's the best way to legally settle your credit card debt?

  • Looking for the best company to do this with. I have a little bit of cash to work with. I want to reduce the amount I owe.

  • Answer:

    There are a number of ways of settling your credit card debt. One option would be a secured personal loan. This would allow you to reduce the amount you pay back as a secured loan will have a greatly reduced interest rate. You may even be offered an early settlement figure for paying off your credit card debt early. Another option would be to enter into a debt management program and paying back a much smaller amount. This option will mean you will not be able to continue using your credit card. Also this will affect your credit history. The convenience of this option though is that you will have no more compiling interest and letters from your credit card company chasing for funds will stop. I will place a link to both options in the source box below.

John Gaughan at Yahoo! Answers Visit the source

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The "best" way is to pay what you owe. ANY other option WILL result in your credit being ruined for several years.

Ryan M

You call up each company and tell them you have less than half of what you owe sitting in your hands right now, and would like to pay them before you go out and spend it. It will be a fib - but it works. If they don't take - call the next company. Get your settlement in writing - if they are willing. And ask them if they may delete it from your report - only one time fees can be deleted - not loans or credit cards. Get a book on Credit and Debt Repair from your bookstore to do this like a pro. Or google "how to negotiate with a creditor". Don't fall for online scam sites that charge you for advise or to do this for you. /

Go with the flow

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