PayToTheOrderOf Posted March 10, 2007 Report Share Posted March 10, 2007 We have mostly good credit. My husband incurred bills on business credit cards that are in his name only, not mine. To the tune of $44,000. 2 cards the same, 1 different. They are late but not with a collection agency yet.I have gotten a balance transfer on a different card to get the cards current. So, my husband called the 2 that are the same, (he owes them $28,000) to figure something out.They came up with an offer of 40% off the total ($11,000 off) if we pay in four installments. They said on our credit report it would say 'settled'. The 3rd card he hasn't talked to yet. We have to refinance our house either way, if we settle or pay in full. We are wondering if we should settle or not, $11,000 off is a big help but what will it do to our credit report? Link to comment Share on other sites More sharing options...
divemedic Posted March 10, 2007 Report Share Posted March 10, 2007 It will damage your credit. Then again, so will defaulting. If you can't afford it, you will default. Then again, if you are just trying to get out of a debt that you CAN afford, but just don't WANT to afford, maybe trashing your credit isn't the way to go. Only you know your situation. Link to comment Share on other sites More sharing options...
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