getting out of debt

Discussion in 'Credit Talk' started by tedd1185, Nov 14, 2015.

  1. tedd1185

    tedd1185 New Member

    I am looking into the best possible way for me to get out of debt and any advice is greatly appreciated. I owe apromixatly $15,000 from various credit cards. I have gotten into this debt over the course of four years. Over this time I have paid monthly payments but not 100% of the time. I have not made a payment in a couple months. My credit score had dipped down to around 500.

    My situation now. I recently obtained the means to pay off the debt. Should i negotiate a settlement or pay in full? I understand the basics of debt settlement and am aware of the tax implications. Any money used to pay the debts will be pulled from savings bonds which will also be subject to income tax. My biggest question is how a settlement will effect my report. Is my score already so low that it doesnt matter? looking into the future of rebuilding my credit what does it look like with a settlement vs paying the debt in full?

    thank you
     
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Welcome to Creditnet and sorry for the slow reply.

    How many different credit cards do you have, and what are the total amounts owed on each one? Also, have all your cards been charged off by the OC?
     

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