thebigmike
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Joined: 12 Dec 2010
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| credit card debt |
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My wife and i have about 15k in credit card debt. Half is with chase bank (where we currently bank) the other half with bank of america. We have saved up enough that we can pay off he debt with one bank and settle with the other. We want to pay off the card with chase and settle with bank of america. If we settle with bank if america will chase try to close our card even though we paid it off?
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Sun Dec 12, 2010 7:08 am |
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thebigmike
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quote:
Originally posted by coaster
What's your reasoning for wanting to do it this way?
That is just the way we have decided to handle it.
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Sun Dec 12, 2010 7:48 am |
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pennyp
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Location: Australia
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| Credit Card Debt |
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Im thinking it might be better to take out a debt consolidation loan to combine the 2 credit card amounts into a personal loan with smaller interest rate?
Your thoughts
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Sun Dec 12, 2010 1:08 pm |
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thebigmike
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| Re: Credit Card Debt |
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quote:
Originally posted by pennyp
Im thinking it might be better to take out a debt consolidation loan to combine the 2 credit card amounts into a personal loan with smaller interest rate?
Your thoughts
No thank you
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Sun Dec 12, 2010 3:26 pm |
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oldguy
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quote:
We want to pay off the card with chase and settle with bank of america. If we settle with bank if america will chase try to close our card even though we paid it off?
LOL , yes, of course - when you stiff a lender and refuse to repay what you have borrowed, it trashes your credit scores - ie, it warns your future lenders and your currect creditors that you are not a responsible borrower (the whole purpose of the credit scoring system).
It is in your best interest to be consisitent with your plan.
1. If you decide to 'settle' and take a hit on your credit, you may as well do it with both loans and save yourself some money. Remember, this is going to 'jam' you for 7 years, no new loans. So make it worthwhile.
OR
2. If you are going to repay money that you borrowed, repay it ALL and keep your credit.
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Sun Dec 12, 2010 4:35 pm |
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Jacintarayenz
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Credit card debt, unsecured consumer loans, credit cards reached .
Results of religion through the card system for purchasing a credit card company or service a customer. Debt accumulates and not pay interest and penalties when the consumer company to get money or spends it's through increases.
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Thu Dec 30, 2010 7:35 am |
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syedrocky2024
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| Merchant services |
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So you want to sell a product or service on your website and you want to enjoy the benefits of accepting credit cards? Firstly, congratulations on taking a big step. Accepting credit cards increases your credibility is often a safer way to buy and use "impulse buy" mechanism, which we all seem to have.
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Fri Dec 31, 2010 10:53 am |
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Vettori
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A credit card debt consolidation loan combines the debt on all your credit cards at a lower rate of interest. The main purpose of credit card debt consolidation loan is to combine your all existing debts in to a one single easy to manage payment.A credit card debt consolidation loan is one tool a person can use to overcome his credit card debts.
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Wed Feb 16, 2011 8:34 am |
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Spencer01
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Location: San Diego
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| Credit Card Debt |
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Most of the posts on here are correct - settling with one card is going to ruin your credit score. They typically wont settle until it goes late for at least 90 days, then has to go to collections. In other words, total credit destruction.
You said both cards are about equal in balance, why not just pay them both down equally?
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Thu Feb 17, 2011 4:07 pm |
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dthomas
Contributing Member
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If you're going to settle one, you might as well settle both. Then take whatever you didn't spend on paying off the one account completely and use that to do something to improve your credit (secured credit card, something that will become a positive acct. on your credit report).
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Mon Feb 21, 2011 8:23 pm |
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kate032
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Location: Michigan
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They should. You got into debt, then want it to magically disappear. If you "settle," then you have shown yourself to be highly irresponsible.
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Fri Feb 25, 2011 5:53 pm |
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ruzreed
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Use these credit card debt calculators to find out how much you are really paying by making the minimum required payment.Credit card debt is an example of unsecured consumer debt, accessed through credit cards.It can definitely open your eyes.
mod's note: your sig line was removed because it does not conform to the rules
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Mon Feb 28, 2011 6:36 am |
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