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I am three months past due on 2 credit cards. I opted out of a debt settlement program and am receiving my money back next week that I put into the account because I realized that this company will take fees from me and I will end up paying more. Can I just settle the debt myself after about 6 months of not paying the cards? My credit has dropped 60 points in two months. I was over a 700 credit score. Any advice would be helpful on what I should do in this situation. I only have one delinquency in the 18 years I have had credit.




Before you take the plunge, consult a tax accountant about the tax implications of settlement. Also...it's important to settle your debts quickly to increase your chance of success. For that reason, you should talk to your debt collectors as soon as possible and ask for a repayment plan.

Sub: #1 posted on Mon, 01/01/2018 - 18:20

Barbara Delinsky Barbara Delinsky

(Posts: 302 | Credits: 30.07)

I think debt consolidation would be great for you. You can either seek professional help or you can pay off your bills by taking out a consolidation loan. Make sure the loan has better rate and term. Also, try to make monthly payments on your new loan. Thus, your credit score will not drop drastically. Debt Settlement will drop your score.

Sub: #2 posted on Tue, 01/02/2018 - 17:12

sanderspatricia29 sanderspatricia29

(Posts: 683 | Credits: 71.47)

The best way to deal with debt is to pay it back yourself. This way, you'll save the professional fees.

Sub: #3 posted on Fri, 01/05/2018 - 20:26

Good Nelly Good Nelly
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(Posts: 2668 | Credits: 533.16)

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