I am new to the forum and I am searching for some answers on how to proceed with my credit card debt that I am experiencing now.
I have 9 credit cards and I am currently in about $25,000 credit card debt. My utilization ratio is about 97%. I have begun to miss some of my payments. Before I had no missed payments. Three of my cards are from chase. I tried to see if I could get on a program but the only option they gave me was closing my accounts and paying the cards off in about 60 months or pay the accounts up to date. My credit score was about 670 and now it is about 604. I know I need to increase my income but will closing theses accounts make my credit drop drastically? What steps should I take to get back on track? Would consolidation be a good option? Help!!! Don't know what to do.