Reply #5: my granddaughter had over $20,000 in credit [View All]

[DesertFlower]

card debt. she was making the minimum monthly payments, but they still raised her interest rate. she stopped paying and it grew to $32,000 with interest and penalties. she checked out some of the agencies and she wouldn't have been able to make the payments with the deals they were offering her. of course, they get a cut.

after a few months they started contacting her with deals -- for instance she owed $8,000. they settled for $5,000 but it had to be paid within 30 days. one settled for $2200. she had the money because she hadn't been paying them for months. hubby and i gave her $7,000 and now i think she only has one where she makes monthly payments.

she recently checked her credit score and it was around 650. she was surprised.