March 24th, 2011 
admin I have some old credit card debt from my college days (probably going back 4 years) that I have started to receive collection notices for. I’m in a better financial situation now, by no means rich, but I would like to clear my name and not be handcuffed by my prior situation.
What’s the best way for me to handle this? I got a letter offering a "one-time only" payment to a collection agency at about half off, which is very attractive, but I want to make sure that I’m both clearing my conscience and boosting my credit rating. If I can do that and pay less than I theoretically owe (considering most of it is probably finance charges), all the better.
For the record, I have a couple of open accounts that are perfectly clear. I’ve looked into it a little and the state I lived in when I opened the account has a six year statute of limitations.
Looking for solid advice as I’d like to buy a house in the next couple of years.
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Bad credit can affect many of the opportunities you have in your life, from your ability to purchase a home right down to your ability to rent movies. Today, Americans are finding themselves more in debt than ever, and many do not know how to go about fixing their financial reputations.
Most of the financial woes of Americans and bad credit can be attributed to credit card bills. Many American consumers and their families are being dragged into (or deeper into) financial holes because of their uncontrolled spending on their major credit cards. When it comes time for the credit card debt settlement, they find that they overextended their means and are not able to settle credit card debt. The research on this subject is astounding:
Studies have suggested that on average, an American household will have monthly due balance around $8,000, including both credit cards and student loans. The problem with this accumulated debt is the interest. As the debt sits whiteout getting paid off, the interest accrues and the per month payments go up. Soon enough, many consumers find themselves paying more to the interest on their debts than on any other household expense. Many suggest that the only escape from this financial purgatory is to look into options such as credit card and debt consolidation. Read more about your credit card debt at: http://www.card-gallery.com/article/178,Some_Ideas_for_Credit_Card_Debt_Settlement