Settling debt affect credit scores

My credit card has a balance of $21K. I have a credit score of 665. The payments of 470 per month which is only the interest. If I settle this debt, will it hurt my score? I have no other credit other than a car lease and $950 of other cc debt.

2 Answers

Both settling and debt consolidation have a negative impact on your credit score.  In neither case you are paying as agreed, thus your scores will tank.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Yep…debt settlement hurts your credit score. It is better to go for debt consolidation. This is because debt consolidation doesn’t have any negative impact on your credit score.


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