Settling With A Creditor.
I've recently settled with two creditor's for outstanding debts on two credit cards. For one card, I worked a deal to pay off 55% of the balance(late fees, etc.) in the next six months. The other I got a 60% reduction of the balance if I payed in full by the end of the month. I'm working hard right now and I'll be able to clear these debts. However, I've wondered how this will effect my credit rating. Obviously paying some is better than not paying at all, but does the fact that I had to settle scar my credit outlook for some time? What do lenders think when they see that I did pay off my balances, but not in full and after a couple years of procrastination? <IMG SRC="images/forum/smilies/icon_rolleyes.gif"> [ Edited by Cincinnati on Date 07/12/2003 ]
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