After reading much information regarding "debt settlement" I made the decision to call all my credit card companies today and close my accounts. As I called each one they wanted to know why I was closing the account and I advised them that I was having serious financial difficulties and didn't feel I could responsibly keep the accounts open any longer. From information that I have read, if I close the account my score is not impacted as badly as if the creditor closes the account.
I had tried to close my account with BOA in October because the rate was 24.98%, but they didn't want me to and they talked me out of it; I wish I had done that then. They told me that if I closed the account they couldn't give me a better rate and I'd have to leave it open and they would give me a better rate, they did give me a rate of 11.99%, but then they reduced my line of credit so I was over my limit and charged me $39 a month over limit fee, how nice! So today when I called I just closed the account, they asked me when I was going to make my now over due payment and I advised I'd call them back at a later date.
So all my credit cards are closed by me, it's probably not that big of a deal, but it begins the process for me and mentally I need to prepare.
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