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Q:
Should I try to pay them off or just wait another few years until the delinquencies start to come off my credit report?

I am currently $12,000 in debt. I have been making payments for years. I figured out if I were to try to pay off my charged off accounts it would take almost 10 years. Should I try to pay them off or just wait another few years until the delinquencies start to come off my credit report? -Jim

Jim,

From what you have told me, I think you should reconsider your idea to wait it out. A "few years" is a very long time and even if the items do come off of your report, you will still owe the money. In addition, your creditors may choose to sue you for payment. If a creditor was successful in obtaining a judgment, it could lead to further collection efforts such as wage garnishment.

A better solution might be to try and work out a repayment program with your creditors. If you would like assistance with this effort, please call a trained credit counselor at 800-432-7310 or by filling out an online budget and debt counseling form.

Best of luck to you,

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