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Hi.I was wondering if you could answer a few questions for me about using a debt settlement company.I have 6 credit cards that are all maxed out.2 of the 6 creditors cancelled my credit card accounts due to late -payments.This kind of upset me because i have been with these 2 credit cards for quite a few years and nver had late payments and always paid way over my min payment.The thing that upset me the most was both of these credit cards were actually cards that started out with a $300.00 limit because my credit wasn’t that great back then,and they both ended up after a few years of giving me several thousand dollars worth of credit on these cards,then i fall upon bad times for several months because i got hurt at work and was on disability,and they cancel my accounts just because I missed 2 payments.But thats not really what i’m writting to ask you about.What I wanted to ask you was if I decided to use a debt settlement company,and they get my remaining 4 credit cards to remove late fees,lower my interest rates,and negotiate to maybe reduce some of the debt,will the credit card companies allow me to keep my accounts with them open?Or once you use a debt settlement company to negotiate with your creditors,do they close your accounts?Because there are 4 cards that i have had a want to keep as they have large lines of credit,and as I said,I only fell into debt because of my disability,but i’m back at work.I make good money,I own 2 homes,and I have money put away.I owe about $40,000 on these 6 cards,and i could pay them off tomorrow if I really wanted to,but that would take all my savings and I really don’t want to do that.Whats your advise to me?thank you

Hello, thank you for the question. It sounds like you definately do not need debt settlement. Yes, your credit card accounts would all be closed during the process and your credit score will be damaged.

Debt settlement is meant for people who cannot pay. If you can pay, own 2 homes, make a good income, etc. you definately do not want to do debt settlement. In fact, you risk getting sued because the credit card companies will learn that you have the money to pay but prefer not to, that is not the type of situation the settlement process is meant for.

If you have the money, pay off the debt on your own. That’s my 2 cents. Thanks.