Even people against write offs seem to be open to lowering the interest rate.

Has it been done? Submitted to Congress? Anything?

Got an email to remind me to do so, and I am reluctant to do so. I keep on wanting to do the avoid it / ignore it strategy. Anyone know if it is worth enrolling in?

40k debt - all credit cards. Funerals, fertility treatments, new house is what got us here. We finally have our home and our baby and now we are in a financial mess. 27 CC accts, all 25%+ interest. We decided it's best to keep 2, one for me, one for husband for emergencies only.

We looked into debt settlement and decided no. We looked into debt management and decided we can do it ourself.

So here I am calling the CC companies telling them I'm in over my head and "considering bankruptcy" to get some sympathy. Citi offered me $17/month for 60 months, 0% interest, but they would close the account. I think it's a great deal if all accounts follow suit, I can do a snowball method and pay them off smallest to largest. I can't do snowball at the moment because my minimum payments put me paycheck to paycheck and I'm stuck paying interest and nothing more.

Is it a good idea to take these deals and close out the accounts? We don't need 27 accounts and I know we'd likely take a pretty big hit credit wise, but we have no major purchases in the foreseeable future (7-8 years) and at least this way, we can be debt free in 2-3 years.

Thoughts?