debt consolidation

That depends on what you mean by consolidating your debt. If you are going to get a debt consolidation loan, then no, you can do whatever you want with the credit cards. If you enter a debt management plan, they will often want you to close all of the cards and put them in the program, although there are circumstances where you can keep some out. That doesn't mean that those cards can't be closed by the creditors though. If you are referring to a debt settlement approach, then no, you can chose to settle whatever cards you need to and keep others. However, if you have two from the same bank, you are not likely going to be able to settle one and keep the other open as they will usually close it. Also again, the creditor can close a card or drop it down to its limit even if you were hoping to keep it open.

Hope that helps

There is no hard and fast rule that you have to close all your credit cards when you go for debt consolidation. Closing too many accounts can hurt your credit score. However, it is better to not use credit cards as much as possible. This will help you to not get into further debt problems.

You can go to the home page of this site and learn more about debt consolidation. Just to increase your knowledge.