Dear Liz: Is there a point at which the time required to repay credit card debt exceeds the period that settling the debt will adversely affect your credit scores? Is there something else that should be considered?
Answer: You can’t predict how much credit card settlements would hurt your credit scores (other than “a lot”) or how long it would take your scores to recover.
But anyone who is struggling to pay debt and considering debt settlement should research whether bankruptcy might be the better choice. If you can’t repay this debt within five years, a Chapter 7 liquidation filing could let you erase it.
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