Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Paying Your Bills
Profile Image

Question By
Simp0lman

0 Contributions
0 People Helped
Best way to pay off debt
I have approximately 30k of debt. Tax, credit card, old car loan.

Debt collectors offering a lower payment? Does this hurt if not paying back full amount?
Considering taking money from pension to clear debt.
Will credit get better fast by just paying off debt, or is bankruptcy a better option?
The pension I would be taking from is not from my primary career.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
57 Contributions
34 People Helped

If you're considering bankruptcy, then I'm going to assume you don't care about your credit score. Either way, bankruptcy should be an absolute last resort. Even if you don't need credit now, you might in the future and it's not the kind of thing you can raise in a short time.

If you can settle the debts for a lower amount, then do that. Without knowing your financial situation, I can't say if taking money from your pension is a good move for you, but it's certainly an option you should consider if your finances allow. I would try to negotiate with your creditors about setttling the debt for a lower amount, using pension money if need be.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.