I have a credit card with a high balance and interest rate. I have had this card for several years. My working hours/sales were affected due to the pandemic and I am having difficulty keeping up with the payments. The only payment plan the credit card company offers is to cancel the account to lower the interest rate and monthly payments. If I cancel the card, how much will this affect my credit score? I know it will take a hit, but I'm not sure how much. Any suggestions?
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