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Old 01-15-2015, 09:43 AM
 
1,008 posts, read 1,110,475 times
Reputation: 883

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So I have a little credit card debt and was wondering
whats the best option to do. What will hurt my credit score less.

Doing a bankruptcy
or
Paying them off in small payments each whenever I get
taken to court by one.


What's smarter? After what I went through I don't
think I ever want another credit card In my name ever
again. It'll be cash, do without or handouts for me from now on.
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Old 01-15-2015, 09:50 AM
 
12,650 posts, read 9,878,065 times
Reputation: 9370
Quote:
Originally Posted by Europeanflava View Post
So I have a little credit card debt and was wondering
whats the best option to do. What will hurt my credit score less.

Doing a bankruptcy
or
Paying them off in small payments each whenever I get
taken to court by one.


What's smarter? After what I went through I don't
think I ever want another credit card In my name ever
again. It'll be cash, do without or handouts for me from now on.
Uh, why don't you just pay them, like an upstanding and honest borrower?

If you can't afford it, then them taking you to court won't change that. And if you CAN pay when they take you to court, then you should pay now and avoid the mess altogether.

Going to court or bankruptcy are a HUGE mess for all parties involved. Bad idea.
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Old 01-15-2015, 10:01 AM
 
3,666 posts, read 4,903,461 times
Reputation: 2422
Imagine for a second if someone had borrowed money from you and was contemplating the same question you're asking. what advice would you give them?
#Golden-rule
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Old 01-15-2015, 10:16 AM
 
Location: New York
1,096 posts, read 955,959 times
Reputation: 1067
DO NOT FILE A BANKRUPTCY OVER CC DEBT!

Well tell us how much is it and what is your annual gross household income?
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Old 01-15-2015, 10:25 AM
 
Location: Paradise
2,456 posts, read 1,982,657 times
Reputation: 4023
Quote:
Originally Posted by Europeanflava View Post
So I have a little credit card debt and was wondering
whats the best option to do. What will hurt my credit score less.

Doing a bankruptcy
or
Paying them off in small payments each whenever I get
taken to court by one.


What's smarter? After what I went through I don't
think I ever want another credit card In my name ever
again. It'll be cash, do without or handouts for me from now on.

The smartest option is probably pay them off...a little at a time if necessary. Pay off the highest interest rate card first. Pay the minimums on the others and put any extra to the high rate/balance card. When that's paid off, you move to the next one - and so on until you get them paid. Use income tax refunds to pay them off. And learn to live on a budget that is reasonable.

You might also talk to a debt counselor (one that is reliable and free). They can sometimes call the creditors and work out payment arrangements that can help you pay off the debt faster or easier. They can often renegotiate lower interest rates so you get more "bang for your buck" on the payments.

There are times when bankruptcy is, or can be, a viable option. Sometimes there is no other option. But, in general, credit card debt alone is not the best reason.

Last edited by lunetunelover; 01-15-2015 at 10:35 AM..
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Old 01-15-2015, 10:42 AM
 
338 posts, read 402,107 times
Reputation: 379
This guy can't be serious
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Old 01-28-2015, 12:04 AM
 
213 posts, read 181,002 times
Reputation: 84
Quote:
Originally Posted by Europeanflava View Post
So I have a little credit card debt and was wondering
whats the best option to do. What will hurt my credit score less.

Doing a bankruptcy
or
Paying them off in small payments each whenever I get
taken to court by one.


What's smarter? After what I went through I don't
think I ever want another credit card In my name ever
again. It'll be cash, do without or handouts for me from now on.
Bankruptcy at least then you won't owe any money and have a fresh start. Being sued would be more than just a financial burden, also a time burden.
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Old 01-28-2015, 01:06 AM
 
45 posts, read 38,241 times
Reputation: 94
Bankruptcy will follow you for a some years, then you'll try to build your credit again, while dealing with whatever you buy with high interest rates- unless you can pay cash for whatever.
Just pay the money you owe, how hard is it to do the right thing?
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Old 01-28-2015, 07:42 AM
 
Location: Keosauqua, Iowa
9,150 posts, read 16,520,340 times
Reputation: 12271
It's a moot point. If you can afford to pay the cards off, a judge isn't going to grant you bankruptcy protection anyway. Better to try to pay them off before they go for judgments.
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