What Is the Difference Between Paying a Credit Card in Full and Settling the Balance?

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Paying a credit card in full means that all debt has been paid off, while settling the balance on a credit card means that a deal has been negotiated to pay less than what was originally owed. Talk to a professional about settling a credit card balance with advice from the owner of a debt settlement company in this free video on credit cards.

Part of the Video Series: Credit Card Debt Information
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Video Transcript

Hi, my name is Peter Repak, the owner of Clear Financial LLC, a debt negotiation company. What is the difference between paying off your credit card in full or settling a debt? Well, paying the credit card in full meaning that you kept your word and you did what the credit card company has required of you. You pay if off in full that way you don't own anything to anyone. Settling it on the other hand means that you're going to settle it for less than what you currently owe, whatever is your current balance. Settling is not always a option. What you really want to do is you want to keep your word and you want to pay it off. But if the times are dire and you actually have trouble and you're becoming unable to fulfill your obligations, that's the time when you actually have to have a professional to talk to you and by all means call our company at this time because we can help you to settle your debt. That settlement is like a financial surgery. It does hurt for the time being while you are settling the debt with the company, but what it does, it will get you out of debt. It will help you to pay off less than what you currently owe and it helps you to get out of debt in a much much faster way. Again this is for people who do struggle, who actually have hardship, but this is the time when you actually do have to give us a call.

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