Quote:
Originally Posted by RANDY P
THey'll settle for a lot less. Stop paying, you'll likely get 30% on the dollar or less. No one pays after default.
Credit card companies know that 98% of the time when they press the debtor just files BK... There's a reason the rate is so high and that's because there is little screening and little protection for the Creditor in the event of default.
Not like your credit is going to get any worse at this point...wait it out, get a deal.
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But wont this ruin his credit rating? He's
assuming his credit rating is ruined. Maybe it isn't yet.
Why not find out for sure before doing anything.