Right now I owe $3,100 on my credit card. I have $6,000 in my savings but am trying to hit a benchmark of $10,000 in my savings. The way I've been saving I should hit the $10,000 mark in three months. However, the balance on my credit is glaring. My total credit limit is $4,500. Should I pay this debt immediately, slowly, or should I continue to pay a small amount just over minimum to hit my benchmark of $10,000, then anything I make after will be strictly towards my debt? Please and thank you.
Outside the debt settlement industry, debt settlement is rarely (if ever) recommended as a viable solution to dealing with your debts. Much of this has to do with the number of debt settlement scams and the miseducation of consumers to the effects of debt settlement. For certain consumers, there may be some benefits to debt settlement.