Hello... I have about $2,300 in Credit Card debt
I have about $2,300 in Credit Card debt on two different cards. My boyfriend shattered his knee last year and while he was hurt I had to take care of him so I started working only 2-4 hours a week and he wasn't working at all. In short, we had to put basically everything on the card. Now we are both working but with rent, utilities, food, dog & cat food, gas, etc. there isn't much money to put towards the credit cards. His credit is absolutely atrocious...I don't know the score but I know we get collections letters from several companies all the time from his past. I have been making the minimum payment on all of my cards though, so my accounts are still in good standing but I'm not making any progress. So, my credit hasn't been damaged too much by the whole situation, it's somewhere between 700 and 720, but I am stuck in a total rut and I feel stressed all of the time. Now that you know all of that information, what I'm wondering about debt settlement. Can I settle with my credit card company or would I have to stop paying and wait for it to go to collections? (That seems like a dumb idea...) Also, if I were to settle would it dramatically reduce my credit score?
Thanks a lot for taking the time to share your wisdom. I appreciate it.