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I have a quick question. I am a true fool, in the academic sense - I have driven up my credit card amounts to the extreme. But, I have heard of a technique to lower what you owe by calling the credit card company and asking for a Settlement Amount. This only works if you have the money to pay off the card. The kicker is that you must use the excuse of bankruptcy when speaking to the credit card company representative, and you are closing the account when you receive a settlement amount. I have a friend that did this and cut his debt in half. He paid it off with a recent inheritance prior to going bankrupt. He also opted to not do the unthinkable and is now OK financially. Does anyone out there know if this will really work? I would appreciate any comments.
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