Can balance reduce when paying credit card off?

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I have a card with almost 10,000 in debt due to some medical expenses I didn’t expect. The minimum payments got so crazy that I was late one time and I got reported to the bureaus.
I have managed to raise enough funds to pay it off.
Do credit card companies reduce the debt if you agree to pay it off on the spot?

  1. Reply
    christian B
    November 10, 2011 at 9:49 am

    If you are willing to pay off the debt in its entirity or even make large payments, most companies will work with you about how much you need to pay, and even waive interesst, depends on the company, but Major credit cards companies,medical companies, and hospitials are so use to not having their bills paid, I think they would jump at the chance to get some kind of restitution.

    Just make sure if you do the agreement that they are willing to make a report the credit Bureau, that you have made that arrangement to help perserve your credit.

  2. Reply
    November 10, 2011 at 10:01 am

    if depends, you could try to do debt consolidation which in that case yes it would…if you’re dealing with AMEX dont get your hopes up, they dont like to budge

  3. Reply
    Laissez-Faire Guy
    November 10, 2011 at 10:55 am

    Yes, but if you are only 30 days late and have missed one payment, they may not be too inclined to deal. The longer you don’t pay, the more willing they will be, but the side effect is it will really hurt your credit.

  4. Reply
    November 10, 2011 at 11:44 am

    No. If they do it will likely be through some sort of “Settlement” that will hurt your credit.

    Why should they? Your benefit is that you won’t accru interest on that amount like you would if you paid it off over time.

    If you have the amount, pay it off and be done with it. Ethically you owe that money.

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