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Defaulting on Some Credit Cards Risks Losing Them All

Dear Your Business Credit,I am employed by my own small business. It is failing, and I may just have to shut the doors. It is a child care. I own (or used to) the building appraised for $575,000. I borrowed $71,000 on seven credit cards to keep the business going. I will now walk away from the business owing $130,000. If I can keep two credit cards current, but default on the other five, what happens to the two I keep? Will they close my account? One is an American Express that I have had since 1984. Please advise and thank you so much! - TomDear Tom,I am sorry to hear about the challenges you're facing.  To answer your question, I spoke with Richard Fine, a lawyer in Houston, for advice. Typically, he says, if you default on some of your credit cards, the other card issuers will notice this on your credit report and may lower your credit limit -- sometimes dramatically. "All of a sudden, your $10,000 credit limit is suddenly $500," he says, as an example.If you stay current on paying ...

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