Q: Hi, I have about $100k in business credit card debt(a total of 11 credit cards). I am the personal guarantee for all

A: If your credit accounts are current, of course you can approach the credit card issuers with a request for a lower interest rate, but your chances of success are dim when the Fed is raising rates steeply toward a tentative goal of 5.5% by year's end (that's the prime rate, and most credit card issuers add to that for the consuming public).

It would bolster your request for a lower rate if you proposed some collateral to secure your credit.

My practice is largely debtor/creditor and bankruptcy for individuals and businesses. I have heard numerous unpleasant stories from my clients about "debt management" services, none of them with a good or desirable result.

If you default in any timely payments to your creditors, they will almost certainly report either a late payment or missed payment, and your credit rating will drop as a result, whether for your company or yourself as guarantor.

I have also represented a handful of financial institutions over the past several decades. As a rule, they first attempt in-house non-lawyer collection agents, then outside collectors, and if unsuccessful, resort to referral to lawyers. The time frame is usually 3-6 months before referral to a lawyer, but there is no governing rule, and practices vary.

A: You can negotiate with them. Any break they give you MAY result in a 1099-C for taxes. They start reporting usually after the first late 30 days occurs. Debt management companies, in my opinion, are not good as the first several months of payment go to their fees, and nothing is done to protect you for the Creditors.

As for other ways to deal with, it depends on what you are doing with the company. IF you are closing it, there is bankruptcy or perhaps an assignment for the benefit of creditors.

You need to speak with someone in person and give much more details so you can be better advised