No. of Recommendations: 6
One of my credit card companies has offered to settle my account with me. If I pay 75% of what I owe, they'll call the whole thing even. They say settling won't affect my credit at all.

But another company tells me it's a really bad thing to settle.

Who is right?

If a company is offering to settle then it's very likely that you're far behind or you've had a history of late pays. Either way, your credit is likely to be trashed right now anyway so settling won't make it that much worse. At the very least, it's one less debt for you to worry about.

One important note: DO NOT, DO NOT, DO NOT send any money to them before you get a written agreement from them that the amount you send will settle the debt IN FULL. Otherwise, they are likely to "forget" that you made the agreement.

Also, where is the best place to go for help with credit card debt?

I think the best place is yourself. For sure, I can tell you to avoid Ameridebt and Profina. Far too many of these places will not deliver what they say they will and trying to find one is difficult. Now, Consumer Credit Counseling Services has a long history and a good reputation but I've learned that using them (or any other credit counselor) is a big black mark on your credit for the purposes of obtaining a mortgage so keep that in mind.

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