Does salary matter when one tries to settle w/ CC?

I know what it is like to research debt relief options, and there are definately a number of them out there. The bigger challenge is not just identifying which options are good, but which companies providing those options are legit. I don't think the credit card companies would be aware of your salary unless you tell them. Debt Settlement only really works if the creditor thinks you are not going to pay them, so they agree to take something, or, if you can offer them a lump sum immediate settlement becuase you have some money set aside. Like $15,000 on a $24,000 debt. Debt Settlement companies will paint a good picture, but the challenge with most debt relief options is they end up being structured with a 3-4 year plan. Now that is a lot less than the 30 years it takes to pay off a dept paying the minimums, but less than 30% of consumers actually make it through a 3-4 year plan without a hick-up, and usually they cancel without having made much progress. I recommend a service called Debt Transfer.

Yes, your salary does matter. If your income is much higher then your debts, then you should be paying your debts as agreed. A reputable debt settlement company would not enter a person into a debt settlement program that does not need it. You also would be more likely open up the possiblility for a law suit if you try to settle your debts when you have the money to pay them. We offer a detailed analysis of your financial situation to determine if debt settlement is right for you. There is no charge for this. Also, see my post on what you should ask debt settlement companies to choose the right one.
Certified Financial Solutions
http://www.debtconsolidationcare.com/settlement/right-company.html

The best thing to do is pay them off and close them. Take the one with the smallest balance, and pay as much as you can on it (note that the extra monies are to be applied to the principle). Close that one, then move on to the next. As each one is closed, you will release more and more funds for the next one. And before you know it, your debt will be much more manageable! This is called Debt Management (which DebtCC calls "Debt Consolidation" - which is actually consolidating all your bills into 1 payment and letting a 3rd party disburse the payments individually) on this site.

In fact, speaking of Consolidation, you may wish to look into a Debt Consolidation loan for, at the least, some of the bigger ones. You will probably get a better rate for a loan than the credit cards charge, if your score is good, that is. The monthly payment will most likely be quite a bit less than the CC payments, and that could free up funds to pay off the rest of the cards, and then the loan, allowing you to get debt free even faster.

The problem with Debt Management, if you are making good money, is that most creditors won't consider it without a hardship letter. And it will be difficult to support a claim of hardship if you are making good money.

Your debt is rather high, so your chances of getting sued is correspondingly high, and the courts will *not* be sympathetic with your great income. Not to mention, with settlement your credit score will take a massive beating.

I feel that debt settlement is the LAST thing you should consider, and I can personally guarantee that you will live to regret it if you should go that route. Not to mention, for DS you have to be in a situation where you cannot pay them (in fact, you should already be behind in your payments before even considering it). And in that situation, your overall debt amount will skyrocket dizzily fast, due to increased interest rates, late fees, and when it reaches to the limit (the late fees will be applied directly to the cards) then there will also be added over-the-limit charges.

I hope you make the right choice because such a choice will affect your future for years to come, whether for good or ill.

As a side note, collectors do have ways of finding out how much you earn. We used to do it all the time....we would find out the debtors job title...sometimes just by calling and asking, other times via a company website. Then someone would call back asking general questions from HR...."I am a grad student and I am thinking of applying to your company....can you tell me the pay range of such and such a job? What about after 5 years?" Other jobs like teachers, county workers, state and federal workers...that is public information and salary information can be found on the web if you know where to look.