Bank credit card - what would you suggest?

**runningtobefree** · 04-06-2011, 05:26 PM

I have been snowballing like crazy and getting really close to paying off my student loans. The one debt that I still have left is a student credit card through my old bank back from 2006. It was sold off to a debt buying collection agency, the original balance was about $600 (used once for a medical emergency), but the balance is now around $1000.

I am very willing to pay this off, but in only two years the 7 years will pass and it will likely pass off of my credit report and if I pay it now it will just remain as a bad mark for another 7 years from last pmt.

Have any advice? I've thought about sending a validation of debt letter, once validated, offering settlement in writing with specific terms that the original creditor will completely remove it from my credit report...is that even remotely possible? Any tried that?

Or should I just allow the 2 years to pass and allow it to drop off?

**MaryCarney** · 04-06-2011, 06:41 PM

I always think it's best to pay your debts , no matter what the ding to your credit report. Otherwise, it's stealing.

**Greebo** · 04-06-2011, 09:36 PM

You can afford the payment. You owe the money you borrowed plus reasonable fees and interest.

Not sure how $600 becomes $1,000 reasonably though... I'd offer em $600.

**khaski** · 04-07-2011, 11:05 AM

You should pay it, it's a valid debt you owe, and you are able to pay...if it dings your credit score, it's your own doing. I might be tempted to let it 'drop off' too, but that would be dishonest- do the right thing and pay the debt you owe, regardless of what it does to your credit score, otherwise it's unethical and immoral to not pay back something you know you owe.