First, it was homeowners asking their banks to forgive part of their loans.
Now, it’s people with credit card debt:
Q: I have $40,000 that I’ve withdrawn from a home equity line of credit to start paying down $90,000 in credit card debt. A friend in a similar situation … ended up paying only about 50 percent of what he owed to pay off all of his cards.
What do you think of this strategy? How (and for how long) do deals like that affect credit rating, seeing as how they are a middle ground between filing for bankruptcy and paying the debt in full …
Well, that seems perfectly logical. Why wouldn’t the bank want to let you get away with $50,000 of their money?
This is what you can look forward to, over the coming months.
More: Credit card debt can be negotiated, but at a price – By Ilyce Glink, Inman News Wiki
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