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Should I pay the collection agencies?


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Well if you owe A LOT of money and are unsure how you can realistically pay it all of there are debt settlement companies who will reduce the rate for you. However the downside is I believe it affects your credit so that for a few years after you can't really have much credit or anything like that. I believe this is only for people who are super in the hole and owe tons.

 

If the sum is manageable just get in contact with the companies an set up a plan!

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If they're in collections you can probably settle for less than you owe. Just make sure you have a lump sum you can give them. Get the settlement agreement in writing and do not allow them to have access to your account. Send them a cashiers check or something else not tied to your bank account.

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