Does making monthly payments on a debt help your credit?
I am trying to get my husbands Credit Score to look better and he has a debt of 1500 that we can’t pay all at once, I was wondering if making smaller monthly payments would help his credit at all.
It depends….if this is debt that’s already defaulted…then no. If this is defaulted credit card debt, then this is a big "no."
Collection agencies are not really interested in monthly payments…they want up front settlements. Save your money and offer to settle @ 25% and go from there. Get all terms in writing before you pay.
If this is defaulted credit card debt: I’ve written a guide for paying back defaulted credit card debt at:
http://sites.google.com/site/catdadsadvise
