I did something so stupid and took 10,000 off a credit card to relief someone. I trusted them and they paid for a while but consequently stopped completely and now it is charged rotten. I am paying my other cards minimum so it will be my only chargeoff. I know that my credit is already messed up in a minute although I intend to try and settle the account when I am within a better financial position but I am barely making it as it is. I'm afraid they will trimmings the wages I do have but I can't afford to clear on it right now so I cogitate the only preference is to settle it down the road. Do you think it is my best odds at this point? Do I settle with the collection agency or the ingenious credit card?

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I'm surprised the credit card company didn't sue you for that sum. If the credit card company charged sour your account, they probably sold it to the collection agency. You will hold to deal near them.

Don't be surprised to get a summons. They are not probable to just permit $10K go in need a trip to court. They will win a judgment and will afterwards attach your bank explanation, garnish your wages (up to 25%), and lien your property -- adjectives of which will further damage your credit.

You could try to settle presently or you can wait for court. It is unbelievably unlikely that the collection agency will accept small payments strung out over a long length. They will want lump sum payments or a very short pay-out term. Get any settlement agreement contained by writing and don't give them direct access to your guard account.
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