asked

I have a BoA credit card with $11k owed, a significant portion of which is interest. They are offering to settle at $3400, but I have no job or savings and may need to borrow from a relative. They are giving me a final notice and say if I pay, they will close the account. What does this mean for me short and long term? What is bad debt and what could happen if I can't come up with the settlement money? I have never missed a payment on my BoA home mortgage until six months ago. Is there a way to combine both debts? How should I handle this moving forward?

November 11th, 2023

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