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cjmac27

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Settle credit card debt for pennies on the dollar?
Say I have two credit card balances, $19k and $15k respectively. What would happen if I stopped making payments on both, let them both go to collection, have another company buy the debt and the, and only then, agree to settle the overall debt for much less than is owed? Is that a good strategy? Meaning, it would take me 10 years or more to pay off both cards...would it be better to take the short time hit on your credit? and rebuild it faster than you could if you tried to pay it all off?

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