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Do all credit card accounts get closed after working with a debt settlement company? (Which would also reflect badly on a credit report. Right?)

Yes, while working with a settlement company you will not want to use your credit cards. You should be to live without all credit cards in order to pay off the negotiated settlement amounts as fast as you can.

As far as the damage to your credit report is concerned, the damage done in a settlement will overshadow the damage done from closing the accounts so I do not think that you should worry about closing your accounts.