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I defaulted on a credit card last year. The credit card company sent it to collections so now they have an attorney coming after me trying to settle the debt for 50% of the debt owed. They just recently tried garnishing my wages, but I only make $30/week so I have no way of paying it off. Now, they have contacted me again asking to settle for 50% of the debt owed. What should I do?
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You can negotiate with them to pay the 50% off in installments, but, based on your income, I am not sure how you will afford to make those payments. If you have more debt, you should consider consulting with an attorney about your bankruptcy options.
Answered on Oct 21st, 2011 at 9:03 PM