Is It Wrong (Morally) to Settle Bad Debts?

Like I said I’m asking this morally, not in regards to having a credit score or anything like that (I’m a Dave Ramsey listener, don’t want a credit score, but I’m sure some of you are going to hate me for that lol).

I’m 20, and most of my debts are small ($1000 or less), but I owe over $2,800 on a capital one credit card, and over $6100 to PayPal credit (a series of bad decisions about a year ago, and they kept letting the limit go up).

On the one hand, credit card companies make billions of dollars a year, and I personally hate them, at the same time, I agreed to the debts I have, along with any interest/fees that go along with that. I feel like I would feel bad if I don’t pay them in full, like I’m doing something scummy, but if I settle the large to for 20-30 cents on the dollar, I would be much better off financially, and much sooner.



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