They might forgive but they won't forget. Banks are more willing than ever to cancel some of your credit card debt, but the non-payment will remain on your credit report for years to come, dragging down your credit score.
So what do you do? If you are in true financial peril, the brink of bankruptcy, you might want to approach your credit card company (or the debt collector assigned to the account) and ask to pay off less than the full amount. In this economic climate, some banks have been...Full Story