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Updated about 11 years ago on . Most recent reply

User Stats

52
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19
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James Roux
  • Clermont Fl
19
Votes |
52
Posts

Settling on debts in collections before investing

James Roux
  • Clermont Fl
Posted

Hello guys just need to get some advice as for my route to getting ready for investing in real estate. I feel like it would be a good idea to clear all my personal debt before I even begin. I'm 27 and I had a student loan for 33k in collections I just recently settled on it for 8k was this the right move? Will negatively impact my credit? should I be trying to pay full balances or just settle on everything as low as possible? removing this debt just cleared about half of all my total debt? Should I just be really aggressive clearing things up this year as far as debt goes or should I just focus on saving for a down payment on a rental property? I had a 620 credit score before this collection settlement Im hoping this doesn't negatively effect my score even more. in hindsight I guess I should of asked this before I settled on the debt but it was driving me crazy.

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