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I have a question. I was told that if you have a large credit card balance, you can ask the credit card company if they would take a "lump sum" payment that is lower than the balance, and ask if they would consider the account "paid in full".

My question is, if the company agreed to take a lump sum, and clear the balance, would that show unfavorably on my credit report. How would they post that???

I have a balance that is $14,000.00 on a credit card. I have $9,000.00 in cash. I don't know if I should ask the company if they would take that as payment in full. Otherwise, I am never going to pay it off!!

Please help me.

Thank you!!
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