: You essentially take out a new loan from a lender like Avant or Wells Fargo to "buy out" your high-interest credit card balances. This leaves you with one monthly payment, ideally at a lower interest rate.
: Banks bundle thousands of delinquent accounts into portfolios and sell them to "junk debt buyers" like Encore Capital Group or Portfolio Recovery Associates. buy my credit card debt
In the standard financial cycle, you cannot "buy back" your own credit card debt for the same pennies-on-the-dollar price that professional firms do. : You essentially take out a new loan
: These firms might pay only 4 to 15 cents for every dollar of debt, but they then legally own the right to collect the full 100% from you. In the standard financial cycle, you cannot "buy
: These programs usually require you to stop paying your creditors, which severely damages your credit score and can lead to lawsuits.
: The IRS often views "forgiven" debt over $600 as taxable income.
: You can "move" your debt to a new card with a 0% introductory APR. This is a DIY way to "buy" yourself time to pay off the principal without interest. The Ethics and Risks