Credit Tips: Charged Off Credit Card

Posted On: September 1, 2004

Author: hm2swife
Joined: 12 Jun 2003
Posts: 1
Posted: Thu Jun 12, 2003 5:50 pm

Hi, okay - first post here & am hoping you all will help me. I’m a bright person but the ins & outs of credit is a mystery to me! This year was a hideous one…divorce, Grandma died, Mom diagnosed with cancer & passed away in less than 6 mos.! anyway, not looking for sympathy — the reason I’m here is that my credit went in the toilet this year. A few cards I had got charged off…. I made “settlements” with the smaller ones, some as much as 50% of the debt. I’m wiped out though and I have one more “biggie” that is $4400!! I don’t even think more than 1800 was actually charged on that card & the rest is interest & some kind of bogus fees etc. I asked a friend about this & she said if it’s charged off then even if I pay it - my credit is still %$#@!!!ed for the next 7 yrs. So, if she’s right - bummer that I even bothered to pay the other ones. However I want to find out what the REAL situation is. Should I take this companies “generous offer of a settlement for 80% of the debt” (like $3500) or should I just let it ride & not kill myself paying it? if I’m hosed either way - I’ll just let it go. Thanks for any assistance you can give!!!

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