I don’t know if anyone responded back to you or not so Im going to lol. I have only read books on debt settlement, so by no means am I an expert ok. I haven’t gone through it so this is based on everything I’ve read. Debt settlement companies usually help out people who have been extremely late on their payments and who are trying to get a settlement for a percentage of what they owe. For example if somebody had 10K in cc Unsecured debt and a few others which haven’t been paid in over 5 months, then a debt settlement company can help in one huge way. The debt settlement company basically charges the individual for reducing the debt with the company setting up a payoff amount of usually 40-50% less of what you owe, which in this case would be 5K. The reasons why CC companies do this is because at least they can get something instead of nothing because with an unsecured CC there is nothing tied to the debt, like a car loan, house loan or any other installment loan. So something is better than nothing.
Now in your situation you haven’t been late on any of your payments, so I don’t think you have a very good chance of settling any debt when you have no problem paying them. On the other hand you may be considering a Consolidation Loan, where both are combined at a lower interest rate but for longer terms or years…. In this case your monthly payment is much lower, but you actually pay more in interest because the loan is for years longer. Dave RAmsey says a Consolidation Loan is a “Con”, so don’t do it.
I would pay these debts yourself and start knocking out the smallest debt first. Take everything you can and pay that off then work on the big one. If your getting a nice chunk of money here soon just pay off the first smallest bill. It’s easier to do it yourself and you don’t have to pay anyone any money for something you can do yourself. The 11.24% larger CC isn’t that bad of an interest rate. You’d be surprised by cutting stuff out of your budget how much money you can put towards that money. Have you done a budget every month? Do you know what you have coming in and going out each month? If you don’t try and see what it breaks down to, most people have no clue what they have coming in or going out. Do you have high car payments, cut cell phones, turn off more lights saving electricity, food is a huge expense for most families, coupons, eating out most of the time can add up, etcc… anything you can cut out temporarily to put more money towards your debts?
If you have any more questions, feel free to ask, I’d be glad to help you out. Your situation doesn’t look bad at all.