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EstelaGudino
Mar 20, 2008, 07:26 AM
Hi There,

I have two major credit cards that I've been trying to pay off since 2000. I have one for the amount of $1950 and the other one for $1092 and all I can afford is to make the minemum payment.

My question is, would I be able to contact the credititors and ask if I can get a settlement by paying off my outstanding balances in the less amount that I owe them?

If so, what would be the right question to ask the creditors before coming to this agreement.

Thanks,
Estela

450donn
Mar 20, 2008, 08:02 AM
If you cannot afford to pay 3000 dollars how will you be able to afford to make them a payoff offer? Remember it is to their advantage for you to just make the minimum payments each month. That 25% interest makes them a lot of money. Better choice might be to go to your bank or credit union and get a 3000 dollar loan and then pay off the credit cards.