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I love the anal hobbit posts.
It's all true too. When I failed my first biz at 21 years old I had a mountain of CC and bank debt. The collections agents harassed me for months. Then a friend told me to offer them pennies on the dollar to settle and wipe the slate clean on my credit score.
I settled about $40k in debt for $4300 and got a mortgage 5 months later.
Now my credit is good and I wouldn't consider this move unless I was in financial trouble.
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