Credit cards settle vs. let go to collections?

I have two cards that have become outragous to pay and I have offered to settle with the companies at about half the owed amount. Should I settle with the companies. If I settle I would have a 1099 sent to me for the remainder. I am wondering if i should let them go to collections in order to avoid the 1099. What are my options and what would be the least impact on my credit report?

Credit cards settle vs. let go to collections?school loans

If you can%26#039;t afford to pay the whole balance it would be best to settle, even though a settlement would hurt your credit if would be better than having your account show up on your credit report constantly as past due, or no payment being made. Also you don%26#039;t want to have the collection agency bloodhounds on your case. You just basically have to pick your poison. The lesser of the two evils. Also once you and your creditor agree to the settlement and you pay the amount. They will send you a settlement receipt letter, stating that the account has been settled. They will no longer be legally allowed to contact you. But make sure you keep the receipt letter and if would be a good thing to sign and send them a cease and desist letter. I use to work for a collection agency.

Credit cards settle vs. let go to collections? loan

How about agreeing to pay back everything you owe? You%26#039;ll have the credit card companies and collection agencies off your back in no time.|||Settling will be better in the long run but if you don%26#039;t have the money pay monthly through a collection company. Usually payments are cheaper with the collection company.|||settling will be better for your credit score but if you have late payments, overcharges... then your credit is already marked high risk and you have a long 7 year wait till anything gets better.|||Pay your cards, your credit history is needed so pay them off, as you will find the card companys will work to get their funds.

Work with the two and you%26#039;ll do alright.|||Settle or declare bankruptcy. In collections the late fees and over limit fees continue to build plus the interest on the overall amount owed plus you will also have the collection fees added on and then if you don%26#039;t pay they take you to court and basically get a judgement against you. Then you can%26#039;t ever take out a loan with that on your record and the juice is still going. I have a credit card bill that has gone from 3650 to over ten thousand.