How To Settle Credit Card Debt With Chase

Dealing with credit card debt and debt collectors is a stressful situation to be in. If you have been receiving phone calls or letters from Chase Bank, or someone claiming to represent them, you’ll need to act quickly before things get worse. Your best option may be to settle your debt for less than you owe. By doing this you can save money as well as avoid having to go to court.

Will Chase settle for less than I owe?

If your account with Chase has reached 120-180 days of non-payment and you’ve already been receiving phone calls from a debt collector, it’s likely that Chase has sold your debt to a collection agency. Whether you are dealing with Chase directly or with a collection agency, you may be able to settle your debt for less than what you owe. This is especially true if you can prove financial hardship and the inability to pay back the full amount owed.

Consider the Pros and Cons of settling your debt

In many cases, settling your debt will save you money. According to some data, roughly 95% of consumers save money by settling. The average debt settlement is 50% lower than the original amount, showing that it pays to pursue settlement whenever possible. Unfortunately, your credit score will be affected when you settle your debt. The good news is that if you settle with the assistance of a legitimate company, you may be eligible for a free credit restoration program after completing the settlement program.

It should be noted that debt settlement will have less of an impact on your credit score than paying nothing at all. It will also have less of an impact on your credit score than bankruptcy.

Learn more: Debt Settlement vs. Bankruptcy