jbizdomu asked:
I have $6400 in Credit card debt. Could I have that cut in half or reduced if I pay it all at once. Maybe $5000 if I pay off all of the cards at one time? or something lower?
Can I save money by paying off all of my debt at once?
Can I settle with the Credit Card Company to pay off my cards completely with 40%-60% of the balance?
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I have $6400 in Credit card debt. Could I have that cut in half or reduced if I pay it all at once. Maybe $5000 if I pay off all of the cards at one time? or something lower?
Can I save money by paying off all of my debt at once?
Can I settle with the Credit Card Company to pay off my cards completely with 40%-60% of the balance?
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#1 by Great Scott - December 27th, 2009 at 01:30
You can negotiate a settlement with the card issuer. I’d offer 60% of the balance if you paid it off in one lump.
#2 by pagodaboy2001 - December 30th, 2009 at 10:16
Your question is somewhat unclear.
If you pay all your credit card debt all at once you will have paid it off. Your next statement may have some residual interest that you have to pay.
#3 by David Z - December 31st, 2009 at 04:40
what? if you pay it all at once you will have zero. if you pay $5,000 you will be down to $1,400.
What are you asking?
#4 by MadMan - December 31st, 2009 at 14:29
No, the credit card company will only accept a reduced balance offer if you are several months in default (ie no payments at all). Your credit will then be toast and you will get a 1099 from the card issuer for the forgiven amount on which you will have to pay taxes to the IRS and state and local.
#5 by andy - January 3rd, 2010 at 00:26
You could try to see if the credit card company will settle for less but then they will cancel your credit card and report to both the IRS and the credit reporting companies what they did so you could owe income tax on what they wrote off. It would be best if you have the $6400 to pay it all of at one shot. If you have $5000 then put this towards your credit card and make larger then minimum payments to pay it off.
#6 by melinuxfool - January 6th, 2010 at 06:54
Such settlements will hurt your credit rating. If you have that kind of cash lying around, why don’t you just work toward paying the cards off. You borrowed it and rightfully owe the money. Even if it’s not convenient, it’s still the right thing to do.
#7 by John Wanderer - January 6th, 2010 at 16:10
They’ll probably let you pay $6,300 if you insist.