April 22, 2010 1:30 PM Subscribe
I have a credit card debt of $4200 on a closed account, which I want to get rid of by end of this month. The interest rate charged is almost $65 I talked to the credit card company and asked for a settlement which they agreed for 60% off my balance i.e pay $2500 approx, but said this will be reported on my credit report, and I will also owe tax on the remaining debt. Should I go this way, or pay off my debt completely?. I have an average credit score of 660 and have no other debt.
posted by jassi to Work & Money (9 answers total) 1 user marked this as a favorite