Advice appreciated regarding Credit Card policy for Banks?

I would GREATLY appreciate some help/advice from any Attorneys or Financial Gurus out there..

About 15 years ago, I took out a Visa CC issued thru MBNA.(I took it out in my name only) After my hubby took a BIG pay cut, I have used it 2 make ends meet for the last 4 yrs.

I have run up a very LARGE balance.

About 3 yrs ago, the acct was taken over by Bank Of America.

We have pretty much been using BOA for all our banking. We have our checking acct., my hubby%26#039;s business acct., our home mortgage (still in excellent standing, with only a few years left to go), as well as a rental home Mortgage with them.

We even have our children%26#039;s savings accounts there.

I have been considering working with a debt settlement service on the CC balance, but am concerned with our bank affiliation. Can this action hurt our current mortgages and accts or is this considered a separate matter. (especially since it was taken over from MBNA)

Any insight is valued....

Advice appreciated regarding Credit Card policy for Banks?

If you continue to pay your other accounts, it will not have an effect on them. It will lower your credit score, which will mean it will be difficult to get credit at a good rate in the future. Usually two or three years.

Before you go to a CC agency, contact the bank and try to work it out with them. Often, they will let you make some arrangement for repayment. If your credit is better, you may even be able to take out a second mortage or personal loan to pay off the credit card and reduce your payment/interest rate. It%26#039;s ALWAYS better to try to work this out with the bank before you start hiring Credit Services. I know. I OWN one, and I tell my clients to do this before I sign them up. I have also been an attorney for 25 years.

If you have a good long term rating with BofA, there is a very good possibility that you can work this out without destroying your credit.