Answer: It depends on how bad your financial state is. One option which some people find successful is to arrange a debt settlement. This is a process in which you negotiate a single payment with your creditor or debt collector that is less than the original balance. The account is then marked as settled for less than owed in your credit report and the account will be closed. You can read online about how to do this yourself or you can get help from professional companies like this one.

More questions: