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Consequence of Settling Personal Credit Cards

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  • 12-26-2017, 10:39 AM
    bklegalquestions
    Consequence of Settling Personal Credit Cards
    My question involves collection proceedings in the State of: NY
    What is the consequence of settling personal credit cards ? Is it true that credit cards will normally take 30% of the amount owed on the card? How does one negotiate this?
  • 12-26-2017, 10:42 AM
    PayrolGuy
    Re: Consequence of Settling Personal Credit Cards
    Consequences
    1. Hit to your credit history.
    2. Taxed on the amount forgiven.

    There is no standard percentage.

    "Hello collection department person is there anyway we can settle this for a lower amount?" is generally how it will start.
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