More of a general credit question, but still related to CCs in terms of getting and qualifying for them.
I had a private Sallie Mae loan default over ten years ago, and didn't repay it for years. The original balance was like $5,800 and I've been paying for the last few years each month. The Current balance is $2582 and I got offered a settlement for $1295. Should I take the savings, lose the monthly payment and settle?
Will the credit ding from settling for less than the full amount be worse than continuing to repay the defaulted loan? Of course, there is the $1,200 bucks to consider as well, but the credit is my bigger concern.