I have 4 credit cards with a total of $64,000. I tried getting all 4 companies to lower my APR or raise my limit. They all said, "No'. Should I use a debt consultation to lower my payments? Will this affect my credit score?

Many debt reduction programs negotiate with the credit card companies on your behalf. However, many credit card companies will not negotiate until you are severely behind on your bills. So some debt companies will suggest not paying your bills until credit card issuers are willing to discuss a settlement. Needless to say this is a very bad approach for your credit score and will affect your score for many years to come.

If you are not behind on your payments and your credit score is high, look for alternatives. Right now interest rates are quite low. If you have a home, you could refinance or apply for a home equity line of credit. Just remember that your home is the collateral should you default so you must be very careful if you go down this path.

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