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leg_day t1_iyag4bq wrote

Reply to comment by RHIT_Grad_1964 in Help! Drowning in debt. by nah_just_ocd

To be clear, this version also puts negative marks on your credit report. "Paid less than agreed" is almost as severe as bankruptcy.

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RHIT_Grad_1964 t1_iyagrrm wrote

It can. When you’re talking with the CCs, offer a few bucks more to get a clean payoff if needed. This isn’t guaranteed to save you money or not hurt your credit, but it could work.

I wouldn’t call this a great idea but if you’re swimming in debt you don’t have much to lose.

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patmorgan235 t1_iyahxwl wrote

If I owe the bank $1000 I have a problem, if I owe the bank $100,000 the bank has a problem

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RHIT_Grad_1964 t1_iyak64q wrote

That is basically what I’ve said. That’s why the CCs will accept lower amounts will a smile and leave your credit clear.

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TheGunStays t1_iyaxplw wrote

Sure, on this one, specific debt.

But the bank/CC lender will also have the leverage to completely ruin your financial future for the next 7-10 years. The bank will likely be fine over that timeframe - trust me.

If you're like 19, bankruptcy/default may not be a terrible option. But if you're in your late 20's/early 30's, it will likely be one of the most significant events of your life - financial or otherwise.

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