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Texas debt collection, credit card debt, credit repair

Thu Mar 20, 2008 02:03PM | By Tony

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Q: I live in Texas and have about $22,000 in credit card debt which I haven't been able to touch for 2.5 years. Now I am making quite a bit of cash. All the debt was sold to various debt collection agencies. Should I try to settle with them or just wait for SOL to expire. I want to repair credit eventually.

A: Great state of Texas doesn't allow wage garnishment and settling with debt collection agencies is bad idea. It will worsen your credit initially quite badly. The unsettled portion of your debt will be likely sold to another debt collector. Settling with original creditor is the whole another story of course, but it is not a case. Wait for Statute of Limitations to go away, what another 18 months or so going to do? Then start credit repair.

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