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Debt Settlement or Pay Off Credit Cards with Remaining Cash?
------------------------------------------------------------

June 30th, 2009 · 2 Comments · Debt Settlement

Kristy Welsh

by Kristy Welsh

Many people are confused about the best way to handle any cash they
have when facing huge credit card balances. Should they pay off some
cards and keep making payments on the rest? Or settle debts with the
credit card companies for less than owed and save some cash for
emergencies? Here is a typical scenario:

Q. I am a small home builder. I have good credit and always have. I
have amassed most of my debt (90% of it) from the last house I built
and took a $100,000 loss (on a $750K spec house). After the market
crashed in Oct of 2008, I started to put items on my credit cards in
order to finish the house (some in company name but attached to my ss
#) to preserve cash and to be able to service the construction loan.
Good thing I did.

I recently sold the house and have some cash to pay off the cards. I
have $90,000 on 6 cards with $28,000 on another Visa (I think its run
by BOA). I have never in my life even considered charging off debts.
Now I feel that I have to look at all options. I am completely current
on all payments. I realize that I have no leverage and do not want the
late payments on my credit. As a builder I HAVE to have some capitol
to work with so cannot just pay off all of the cards. Before I blow my
cash, I have some very specific questions:

1. How much worse are late pays than a “settled for less than owed”
  on my credit report? Are we talking talking a 50 point FICO hit?
  100?

2. I do not want to miss any payments and compound any problems that
  i may incur in the future but realize that gives me no leverage to
  induce a settlement….unless I tank on another house….in your
  opinion will they settle with impending doom?

A. My response:

1. I get asked this question all the time, “if I do X (insert action
  here: pay off cards, miss a payment, file a bankruptcy), how much
  will my credit score drop. My response usually runs along the
  lines of “if I knew, I’d be a millionaire”. The truth is, your
  credit score is dependant on many factors in your credit file.
  I’ve seen people with perfect payment history have scores in the
  high 600s and people with a couple of collections in the low 700s.
  You might want to read this credit scoring article to learn more
  what goes into a score.

2. If you settle with your credit card companies, they will put a
  notation on your credit card account that says “Settled for Less
  Than Owed”. This is the equivalent of a “Paid Chargeoff”, and is
  worse than late pays. That being said, In order to get credit card
  companies to deal with you, you’ll need to miss several payments
  which will incur late pays on your credit report. If you do a debt
  settlement with them, your late pay history may or may not be
  replaced with “debt settlement for less than owed”.

I know it’s tough to swallow a $100K loss. However, my personal
opinion: if you really feel you need cash, then you should keep what
you think you need, payoff whatever cards you can and make payments to
keep current on the other cards . You need to protect your credit
rating and think long term. Good credit is worth a lot of money.

Related posts:

1. Debt Settlement Industry Warns Against Non-Professionals Tackling
  Debt Settlement Ridiculous! That was our first thought when
  reading the title...

2. Credit Repair or Debt Settlement Information – What Do People
  Want Most Today ? Over the last 12 years, this website has evolved
  to...

3. Is it Possible to Find a Good Debt Settlement Company? Perhaps
  we’ve asked an impossible question – are there even...

4. Florida State Attorney General Files Suit Against Debt Settlement
  Firms Florida State Attorney General Bill McCollum recently filed
  two lawsuits...

5. Are Credit Card Companies Now Willing to Settle Debt for Less?
  There have been many reports in the news lately that...

Tags: Credit Cards·Debt Settlement·scredit score

1. Comments so far ↓

 

steve // Aug 10, 2009 at 8:47 pm

I am a self employed handyman and have been very fortunate to work
enough to pay extra toward 1 certain card each month. I hope to
have it paid off in 2 months. At that point I will be working on
the next one. I have 5 (totaling 10k) to go. It will feel good to
even have one paid off. NOW what about closing the account. Good
or Bad for the FICA score? Thank you. Steve

 

Kristy // Aug 11, 2009 at 7:19 am

I’d keep it open. It may hurt you to close it.

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