What is a Fair Settlement on a Credit Card Balance?

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[southerncali]

You borrowed money and the bank is offering you to pay back HALF….. HALF of what you knowingly spent. And you want more than that!? Stop with this free handout mentality. When I paid off my debt I avoided collections by paying the bare minimum for OVER a year until I could finally afford to pay more than that. It took me years but I never let the bank put me in collections and for that I’m damn proud of myself. Once my house is paid off early… I’ll never borrow a dime again. If they’re offering you 50% off, take it. Or go ahead and see if you can haggle down the debt collectors a little more and see how that pans out for you.

[robertkoester]

I’m guessing the bank is offering such a low settlement because they know with both of these people on disability, they won’t be able to collect anyway.

[dreesaad]

My husband grabbed my credit card & cut it. We sat down went over our finances together. He helped pay off my credit. I only used debit until I could learn to stay disciplined. This was 5 yrs ago. Now I finally got my credit card. I pay the entire balance monthly. We live a consumer debt free life. We will buy our car that we leased 4 yrs ago. The buy back is less than 10k. We just have our mortgage that should be paid off in 3yrs. Live below your means.

[rollingacresfarmstead]

A fair settlement is pay your fucking bill

[marcygrey]

Why do people say “income coming in”? Income going out is spending, not income.

[justinbrown]

Guy sounds 80 but Is only in his 50s 😳

[siegfriedbraun]

You ever get the feeling that many "disabled" people are that way because they refused to exercise their abilities? Yeah, me too.

[stonecold]

If you use credit cards, pay them off every month!

[LioraLand]

If the Credit union gives the account to collections, they automatically lose half or more. So this is win win. Go for it!

[AAS-kpcs]

From an NPR report, which is certainly not right wing. Can’t speak to this couple’s situation, but something doesn’t add up with our disability insurance system:

“In the past three decades, the number of Americans who are on disability has skyrocketed. The rise has come even as medical advances have allowed many more people to remain on the job, and new laws have banned workplace discrimination against the disabled. Every month, 14 million people now get a disability check from the government.”

[vivdtyd]

So these are the types of folks taking advantage of my tax money. You borrow the money, pay it back. If you don’t work, don’t over borrow.

[al-yd]

What's fair is that you pay 100% of the bill to the institution you borrowed the money from.
It is shocking to me how many people scream that Student Debt forgiveness is the devil but is totally comfortable with folks paying 25% or 50% of their credit card debt to "settle it"

[drlaxm]

I can’t believe the guy wanted to negotiate for a better deal, I’ll take 51% payback any day of the week 😂

[Sizukun]

I always wondered what these types of people would do if social security disability didn't exist. Would they simply starve to death or figure it out and make an income?

[screwdriver_bandit]

I can smell the Paul Mall menthol and Mountain Dew through the phone…

[patriciastalons]

Most creditors won't offer that much off. I would have jumped on it

[Sheryl]

Regarding the video...I couldn't help but think while listening that I know a couple (in their early 50s) who sound in a similar situation to the couple mentioned on the video....the couple I personally know are both going to be getting disability checks from the govt soon. I'm not saying there aren't people that need that help, because I know there is....but there are also some that would still be able to work too that are receiving govt help, and this call (even though I'm not saying the couple on the call are this way) reminded me of the couple I know who could most likely get by on their own if they weren't getting govt help. For that reason, it just sort of hit me the wrong way when I listened to the call, even though I don't know that particular couple's situation (the ones on the video).

[BE]

None of my business but I wonder what the basis for their disability is. There is no sense of personal responsibility any more. Some are waiting on the government for student loan repayment. Negotiating with the credit card company to get out of debt that they knowingly and willingly entered into. Disability almost seems to be a career path that too many people are choosing. I don't mean this for people who are legitimately disabled. But those claiming chronic pain, anxiety, depression, etc.

[truthseeker]

I think people like this just latch on to the next free payday- SS Disability now.
I am 58 divorced, with an autoimmune disorder and extreme arthritis. I hope to keep working until At Least 65.
I surely could get disability, but I don't want to sacrifice my job and my soul to do so. I want to remain working as long as I can. My employer puts 7% into my 401k. I would rather work til I cant, then rely on the government. This guy isn't "In" to the Ramsey plan. He and his wife are free loaders. I have no idea why he even called in.

[kendrascorner]

He just said his marriage might not make it. He and his wife need to be on the same page. Counseling, or at least some serious discussions with a pastor or trusted friend as a mediator.