DMP to reduce rates and allow faster paydown?

I think that you should contact your creditors directly and negotiate with them for lower rates. However, you should continue making the minimum payments with the existing interest rates so that no negative mark gets reflected in your credit report. Since you already have a credit score of over 630, you can easily increase it to 680 and above if you are current with your payments.

You can try to contact the CC companies, but if you are current and have no legitimate hardship, they most likely will not deal. I am in the same situation and no one will work with me to reduce my rates. A DMP can be a 5 year prison sentence as all your accounts will close and you must make the minimum payment every month without fail. Most people do not complete a DMP because they are so rigid.

I would try the debt stacking approach. I explain it in detail in my blog. Even just an extra $10 a month can get rid of your debt much quicker.

Unfortunately most people are seeing their interest rates on credit cards rise and credit limits decrease. In my opinion, it is very unfair and should be made illegal. There is legisalation going on now that will hopefully one day eliminate this. What they do is reduce your credit limit and then raise your rates because you are now maxed out on your card.

You can try to negotiate with them but, most people I speak to have not gotten very far with that. You may be able to claim a hardship, where they will suspend your payments for awhile, but at the end of that period you will be back to where you are now and probably owe more..interest rates piling up.

With debt settlement you stop making payments and then when the debt is sold to a collection agency the debt can be settled for as much as 60% less. This will effect your credit of course, but once the debts are settled your credit score will begin to improve.
Certified Financial Solutions
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Thanks all. The issue is that although making the minimum payments is doable (barely), continuing to pay what is now the minimum will mean it takes 58 months to pay off all cards. Might be better to take my lumps now and pay in 2-3 years and then start the credit score recovery.

And yes, as I have been paying them off, 3 of them in the last few months have dropped the credit limit to the new existing balance. So it's not like I have either available credit or margin for my FICO score.