The current economic climate has tempted some consumers to ask if their credit card companies will forgive a portion of their debts. However, one financial expert notes that this may not be a wise move in the longer term.

ABC News consumer correspondent Elisabeth Leamy wrote this week the recession has some lenders more willing than they were in the past to consider writing off a borrower's credit cards. However, this is not the financial reprieve some might make it out to be.

For example, Leamy warns that debt cancellation goes on a person's credit score for seven years, although she acknowledges this is still better than personal bankruptcy, which affects a consumer's credit for ten years.

Over time, people with negatively impacted credit scores can usually expect to pay far more on loans and other forms of credit they may still have access to.

For many having trouble managing their debts, a basic strategy of making more than the minimum payment whenever possible and avoiding late payments at all costs may have a better long-term result. Consumers can also work payday loans into the financial strategy if faced with the prospect of a credit-damaging and potentially very expensive late payment.

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