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Yes because if you don't pay off your old debt then guess what? You owe even more money now as it piles up.
Also, if you pay off the old debts, the person(s) who lent you the money, would be more willing to lend you money again, if need be. If you don't pay off old debts, they won't trust you enough to let you borrow money again and you will probably be defamed as well.
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Is there any advantage to paying off an old judgment if it is nearing the 7 year mark?
There is always an advantage to paying off any debt. The seven year rule does not apply to all judgments. Many judgments can be and are renewed until the debt is satisfied.
How many revolving credit lines do you need to have to help boost your credit score vs paying off old debt in collections?
3
What steps should I take to get myself out of debt?
Getting out of debt may be a long and slow process, but it is possible. The biggest step is to stop acquiring new debt. Stop using credit cards immediately and work towards paying off your old balances.
How do I get out of debt?
Make a monthly budget and stick to it. In other words if you are spending $300.00 a month on food, cut that amount down to $150.00 and pay the other $150.00 a month to the party that you are in debt too. The first step in saving money in paying off all old debt.
Should you pay off a credit card debt that is 15 years old?
YES.....pay the absolute lowest rate you can for all the cards, it might take quite long to do so...but you'll eventually pay them off and you'll have enough money to go through and live life as you wish while still paying off the debt you owe....
Is there any advantage to paying off an old judgment if it is nearing the 7 year mark?
There is always an advantage to paying off any debt. The seven year rule does not apply to all judgments. Many judgments can be and are renewed until the debt is satisfied.
How many revolving credit lines do you need to have to help boost your credit score vs paying off old debt in collections?
3
What steps should I take to get myself out of debt?
Getting out of debt may be a long and slow process, but it is possible. The biggest step is to stop acquiring new debt. Stop using credit cards immediately and work towards paying off your old balances.
Why is Scott free called Scott free?
The word "scot" is an Old Norse word that means payment. Someone who "got off scot free" is a person who got off without paying their debt.
How do I get out of debt?
Make a monthly budget and stick to it. In other words if you are spending $300.00 a month on food, cut that amount down to $150.00 and pay the other $150.00 a month to the party that you are in debt too. The first step in saving money in paying off all old debt.
How do I get out of debt fast?
Make a monthly budget and stick to it. In other words if you are spending $300.00 a month on food, cut that amount down to $150.00 and pay the other $150.00 a month to the party that you are in debt too. The first step in saving money in paying off all old debt.
Should you pay off a credit card debt that is 15 years old?
YES.....pay the absolute lowest rate you can for all the cards, it might take quite long to do so...but you'll eventually pay them off and you'll have enough money to go through and live life as you wish while still paying off the debt you owe....
What are the release dates for Paying Off Old Scores - 1907?
Paying Off Old Scores - 1907 was released on: UK: January 1907 USA: March 1907
Is it better to just allow the bad debt that has been collected fall off in seven years or should the debt just be paid off in full and which would be more beneficial in improving your credit score?
Paying off a bad debt or collection will not improve your scores. The subsequent entry of 'paid collection' or 'paid charge-off' is still a negative entry, though mortgage lenders are happier to see that they are paid. The sad truth is paying an old collection could hurt your scores because the updated status entry appears to FICO as newer and therefore more damaging.
Who is responsible for a 21 year old daughters credit debt?
Hopefully, your name is not on the debt, so it is her problem. Beware of paying it off so she does not suffer the consequences. She is most apt not to repay you ever and will build up debt again (been there, done that). If people do not "get it" in their early twenties, they are unlikely to manage their finances well the rest of their lives.
What actors and actresses appeared in Paying Off Old Debts 2008 - 2008?
The cast of Paying Off Old Debts 2008 - 2008 includes: Kyle Berg as Ben Harper Natasha Nafrini as Reporter
Should you pay off 3-year-old open collection accounts?
You should always pay bills that you owe, no matter how old they are and what their status is. This sets up a cycle of honoring what is owed that is going to eventually bring you money.ANSWER:There are many questions that you have to ask yourself before you pay off, sometimes paying can result in very negative results that may have negative consequences if you are about to buy a house, or trying to get credit, OR JUST TRYING TO MAKE IT IN CREDIT SCORE SYSTEM WORLD..1. Can you pay the original creditor?, if so, then, tell them you will pay with an agreement to remove the original account off your credit file after payments with release letter. Most companies will comply with this request, they just want their money.2. Is it in Collections? if so, then DO not PAY OFF!! collection agencies always report renewed debt after you pay it off. As if you incurred the debt the day you paid it off. It will also drop your credit at least 100 points, reset the debt clock 7 more years. I wish i could tell you better but this is what they do. For this reason, all experts in debt will tell you, to not pay off, particularly if you intend on applying for credit.Remember paying off debt is always the BEST thing to do, but when it comes to Collection Agencies, you are better off not paying! It is a negative reward program. You pay you are screwed, you don't, you may be or not. it is that simple.Collection agencies have to change, to reduce debt stress and to establish positive experience for debtors. Most people want to pay off their debt, but Collection agencies add insult to injury.Negative Experience + Negative results = Negative feedback. When people don't pay, they will change their actions.
