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How to pay off card

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Tohy
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Subject: How to pay off card
 
Posted on Tue Aug 10, 2010 5:25 am  

Hi all,

I owe a large balance on a credit card. Every month I make a huge payment as the interest is very high. I've been paying a while but the principle balance is not at all going down. I heard that there are many credit management ways through which the outstanding debt amount can be lowered (as half of the amount). I'd like to ask everyone if this is true, and how is it different than declaring bankruptcy? Does it hurt the credit?

Thanks very much.
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: paying off your card
 
Posted on Tue Aug 10, 2010 7:51 am  

Hi Tohy,

You can request the card company to lower the interest rate. If you have always been an ontime payer, then the creditor may agree to your request.

Quote:
I heard that there are many credit management ways through which the outstanding debt amount can be lowered (as half of the amount)
Yes, sometimes the outstanding debt amount can be lowered by 50%. However, debt settlement hurts your credit, as you will have to miss payments before settling your debt. Moreover, the creditor may not agree to even settle your debt.

Thanks,

Aaron
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