Okay... so we owe over $20,000 in credit card debt!!! Yeah, an outraggeous number, I Know!! We have 5 credit cards... some have small balances on them... but the two larges ones are both owned by Bank of America. One is under DH's name, and he owes around 11,000 on his. The other one is under my name and i owe around 7,000.
We are current on all of our cards and have not had any late payments on any of them. I was thinking of using my 2007 tax return money to pay down debt, SO...

So here are my questions....
~Can i negotiate with the credit card company to see if i can pay less (I was thinking of doing this with BofA) even though we are current and never been late? (Isn't this what those agencies do??)

~Im assuming i would have to pay it all at once in order for this negotiation to work... is that correct??

~Will this ruin or affect my credit in any way?? (This really concerns me!)

~Has anyone done this before or attempted to do this? What was the outcome?

~If anyone has any info that may be useful I WOULD REALLY APPRECIATE IT!! This debt is driving me crazy, and i need to get rid of it or i'll loose my sanity! TIA

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Not an expert, maybe you should get one.

Any forgivness of debt will affect your credit and may be taxable as income.

I would call them and ask for a lower interest rate. It doesn't hurt to ask. This could save a lot in the long run.

I couldn't sleep at night if I didn't have to pay for the stuff that I already got.

Cathleen

i pmd you!!

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Measure wealth not by the things you have, but by the things you have for which you would not take money.