should i pay off my cards

thorpehiggins

i am about to receive some money but i have a large ammount owed in credit cards debts which i would be able to clear with my funds. should i pay these off once and for all, or come to some arrangement with the credit card companies for possible early settlement figures and then use my funds for investment.

w3lsh_boy1

i'd pay it off

Anwen_2

I'd ask about early settlement figures, nothing ventured, nothing gained etc. but yes, i'd definitely pay them off either if they don't offer a reduced total.

Jarlawuk

I'd pay them off unless you had a period of interest free, as its not worth it otherwise.

grumbler

Maybe I am wrong, but I think 'early settlemt' term applies to loans when you are charged sometimes for paying off the debt earlier than agreed. With credit cards you have full flexibility to pay off the debt whenever you want without any extra charges.

Anwen_2

Good point grumbler, I was half asleep and didn't connect the two properly! I was thinking more of if he's behind with payments or been in default etc, then they might accept a reduced amount, but if there's no problems with the account then it's basically a full payment they/ll want.

sicker

Pay them of and invest the interest you no longer have to pay save by doing so.

John

The_Boss

I cant see why they would come to an early settlement in your situation. I'd pay all the debts off personally. With you no longer paying interest, its addition by subtraction.