Should I pay off a credit card that's been written off?

Q: I recently came out of a bad financial situation. My husband's credit card was written off and of course was reported to Equifax, etc. My question is now that it has affected his credit report, will paying it off look any better or should I not pay it at all? I did make a $300 payment recently but I'd like to know what to do from this point on.

A: Once a card has been written off by the lender, it will stay that way on your credit report until it "rotates" off in about 7 years. So, the only reason to pay the creditor is if you feel a moral obligation. And be sure any payment goes to the original creditor, not to the collection agency that purchased it for pennies on the dollar, hoping to collect.

Terry Savage is a registered investment advisor and the author of the newly published The Savage Number: How Much Money Do You Need To Retire? (256 pages, Wiley, $24.95).