Owning a credit card is a good idea but it also entails responsibilities. You have to be responsible on how you use it. You can’t just swipe and swipe. You also have to think how you can pay all the money that you spent using it. If you are not responsible enough then you are likely to receive credit card debt settlement notes and collection call ups. If this is the case then you should think in settling credit card debt.
You should check your credit report; if your debt is not on the list then you should not consider doing anything about your debt. However, if your debt is recorded as a bad debt, then this is a negative note on your credit history. You should settle your debt and it would be recorded there as settled with a smaller amount. But it is still okay. It is better to have paid than not to have paid at all.
After checking, you should contact your creditor and negotiate. If in any case that they won’t handle you, contact the repo agency in writing. Get all the terms and conditions in writing to avoid bad settlement. The moment you are done paying your debt, ask for a release form or a receipt to prove that you have already paid your debt.