Is it worse to have lots of debt on your credit report, or to close out cards and make payment deals?

by Center for American Progress Action Fund
Question by ...: Is it worse to have lots of debt on your credit report, or to close out cards and make payment deals?
I have lots of credit debt and want to close out the credit accounts as I pay them to stop interest and make payment plans. Would it be better to pay the interest and live in debt or close out my accounts and pay them at a slower speed? Also, how long will the negatives be on my report? Note: I am on the brink of collections now

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