Are there any credit counseling services that will allow me to keep at least one credit card open?

Question

I would like to enroll in a program to pay off most of my creditors, but it scares me to have to close all of the credit card accounts (which I've heard is often a requirement). I would like to keep at least one open for emergencies. Does anyone know of any agencies that will allow this?

Thanks!

Answer 1

I beleive that as a requirement you are supposed to close all of your accounts and put them on the program. However, it depends on if they verify or just trust that you put them on the program. You may be okay if the Balance is 0 as there is nothing to add to the program, or something like American Express where you have to pay the balance each month.

Now if the credit company you did not put on does a review and notices you are on a program they may cancel your card anyways. Just remember the idea of Credit Counseling is to get you back on track so trying to keep one open really is going against the purpose. You say it is for "Emergencies" but if you are in need of Counseling you have to ask yourself if you are going to be able to do that.

Answer 2

I'd say the same as OC1999. Keep in mind, it is usually the credit card company who says you cannot keep a line of credit open. They offer great concessions through a debt managment program if someone is truly committed to reducing their debt. In their mind you are not ready to make a lifestyle change by keeping a line of credit open.

As for the debt managment company - just like OC said, they don't want you to use the cc's for emergencies. Cash budget only :)

As for choosing an agency, look for one that is certified with the NFCC (National Foundation of Credit Counseling, certified to provide debt managment in your state, and a member of the Better Business Bureau).

I wish you the best.

Answer 3

Join this debt settlement company which will allow you to take the decision of which card has to included in their debt settlement program.

They will negotiate with your creditors on your behalf and bring down your principal debt amount by around 30% to 70% depending on who your creditors are. You can make minimum monthly payments and be debt free within 36 months..

contact them asap

http://www.debtfreeafterall.com

Good Luck

Answer 4

When I went through Consumer Credit Counseling they allowed me to keep my American Express but only because it had to be paid in full every month. Had to give up all the rest.

Answer 5

Credit Counseling Programs

When you are stuck in debt, consider all the available options. You will need to work closely with experts who will provide right guidance to clear off your debts. Credit counseling agency is one such set of experts, equipped to fight debt. These ....................

http://www.complete-debt-info.com/category/Credit-Counseling-Programs.html

Answer 6

www.debtfreetoday.com. they allow you to keep one open for emergencies.