Skip to Content

Ask the Dolans: How does a debt charge-off impact my credit score?

Ken and Daria DolanKen and Daria Dolan RSS Feed
Oct 23rd 2009 at 10:00AM
More
Text SizeAAA

Filed under: Credit, The Dolans, Video, Credit cards

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Thanks to rising unemployment and an economy stuck in neutral at very best, more consumers than ever are struggling to pay their debts. Credit card delinquencies and charge-offs are both at record highs. Today, Ken and Daria help a WalletPop reader understand how debt charge-offs impact his credit and share solutions for managing his debt.

I heard that once your debt has been charged off, that your credit score never gets any better.So, is it a good to accept the offers I get to settle my debt by paying off 60-to 70% of it in exchange for charging off the rest?

--Hector

Looking for debt help? Visit Dolans.com to learn more about debt settlement and other debt management options.

Source

Subscribe to Walletpop

Add your comments

Please keep your comments relevant to this blog entry. Email addresses are never displayed, but they are required to confirm your comments.

When you enter your name and email address, you'll be sent a link to confirm your comment, and a password. To leave another comment, just use that password.

To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.

Gina Roberts-Grey
Gina Roberts-GreyDec 27th 2009 3:00PM Filed under: Extracurriculars, Health

$89 pizzas a hot seller for Ganja Gourmet

What do you get when you mix the culinary skills of Emeril Lagasse with a favorite ooey-gooey treat of the 70s (AKA pot-laced brownies)? The Ganja Gourmet, of course. Now those with a prescription ...
Read More | Comments (1)
Charles Feldman
Charles FeldmanDec 27th 2009 9:00AM Filed under: Real Estate, Mortgages

Simple tips for when to refinance your mortgage in 2010

We keep hearing about all those homeowners who want to get their mortgages refinanced but can't, but we seldom hear much about the wisdom of whether or not you should seek to refinance in the first ...
Read More | Comments (3)
Ron Dicker
Ron DickerDec 26th 2009 12:00PM Filed under: Recession, Economizer

Welcome to the gold party craze: A new day pawning

Sometimes when Amber Watson-Tardiff comes across a single cuff-link or a massive tangle of chains in her jewelry box, it occurs to her that it might be time for a gold party. Like many people who ...
Read More | Comments (6)
Aaron Crowe
Aaron CroweDec 26th 2009 9:00AM Filed under: Saving Money, Shopping, Economizer

What to do with those unwanted Christmas gifts

The Christmas gifts have been unwrapped and all of the good stuff has been played with. And alone under a pile of wrapping paper sits the hideous sweater from a sweet aunt who doesn't know any better. ...
Read More | Comments (5)

Featured Brokers

Basics for Credit Cards

Credit Cards: Tools

    Headlines from WalletPop Partners

    Consumer Reports headlines

    More from Consumer Reports »

    SmartMoney headlines

    More from SmartMoney »

    Kiplinger.com headlines

      More from Kiplinger.com »

      CNBC headlines

      More from CNBC.com »

      MainStreet.com headlines

      More from MainStreet »

      BankRate.com headlines

      More from BankRate.com »
      How to Serve Cheese
      Everyone loves cheese, but do you know how to compose a cheese plate? What cheeses go well ...
      Too Many Sweets Will Impair Your Immunity
      It doesn't matter what time of year it is, sugar and sweets always seem to be in abundance. Cookies, ...
      Learn More»