Which way should I go? I really need advice

[Anonymous]

Being self employed my whole life I know the time is coming in my business when I will not be able to continue to make the large monthly payments on my many credit card accounts. My CS has already gone from 720 to 638 in 6 months due to the amount of my debts even though I make my payments on time and even pay a little more on many off my accounts. I want to repay all my accounts and wonder if while I am still in good standing with my companies if I should go to a credit counseling service to consolidate all my bills into one monthly payment I know I can maintain even when business drops? I feel if I do this it will really set me back, and I also worry if I do this which company should I use. I still have to buy my car that I have leased for 4 years and any negative credit history can effect my ability to do this. So really, what do I do?

[Anonymous]

need more info to help.  debt, cc limits, scores, business scores, etc.

[Anonymous]

My understanding is that credit counseling in and of itself will not negatively impact your credit score.  While going through the process be sure to continue making at least the minimum payments on all of your accounts until the counseling service has an agreement in place.  I'd ask the counseling service just to be sure, but the only thing I could see hurting your score would be ending up with several accounts that are closed with a balance.  So long as there are no late payments I imagine the effect on your score will be minimized, but any reputable credit counseling agency should be able to verify that for you.

[Anonymous]

never  do  consumer  credit  counseling  unless  you  are  in trouble,  which  you  do  NOT  seem  to  be.   credit  counselors  don't  "consolidate"  your  debt.  they  work  with  creditors  to  accept  slow  low  payments,  this  is  only  an  option  if  you  can't  meet  your  obligations.  instead  work  to  pay  off  you  smallest  cards  first  while  making  minumum  payments  on  the  rest  and  work  you  way  up  the  line  until  they  are  all  paid  off.  you  score  over  700  qualifies   you  for  a  traditional  debt  consolidation  loan  at  the  bank  which  may  (or  not)  lower  your  over  all  interest.  talk  to  the  bank  or  do  it  on  your  own,  but  never  use  consumer  credit  unless  you  are  in  trouble.