![]() ![]() You'll then be required to spread the payments for the balance over 60 months. That's the idea behind Discover's 60/60 plan.ĭiscover's 60/60 plan offers to reduce the debt to 60% of the balance and grants consumers the option to pay off the balance over 60 months. For this reason, most creditors will try to work with you to recover the amount you supposedly owe. This is partly because lawsuits are hectic and time-consuming. However, most creditors don't like to sue consumers. If their attempts to recover the debt fail, they could hand it over to a collections agency or attorney. Failure to inform Discover about your current financial situation will only worsen the problem.ĭiscover will most likely reach out to you repeatedly, requesting that you pay what you owe. If you're a Discover credit card holder facing financial difficulty, the best thing to do is notify the credit card company right away. A settlement is usually the better option because its consequences are less severe than filing for bankruptcy. The other alternative is to discuss a settlement with Discover. During that time, you may have difficulty securing loans or even housing. Filing for bankruptcy will remain on your credit score history for up to seven years. Although this option completely wipes away your debts, it comes with severe consequences. When you can't afford to pay your Discover credit card debt, you may consider other unfortunate options like filing for bankruptcy. Summary: If you're experiencing financial hardship, Discover's 60/60 plan can reduce your debt to 60% and allow you to pay it off over a course of 60 months.
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