by 
The Curious Bag
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A foreclosure can have far-reaching, negative consequences, such as credit damage and additional tax debt. It is natural to wonder, during such a stressful time, how a foreclosure can affect other debts. The good news is that the effects, if any, will be minimal.
Facts
A foreclosure will not directly affect your credit cards. As long as you continue to make regular payments to your credit card providers, your accounts will remain in good standing.
Features
Even if you have a credit card through the same bank that serviced your mortgage loan, the bank will not close your credit account because of the foreclosure.
Considerations
Your credit card providers will regularly check your credit history. Once a foreclosure appears on your credit report, you will be considered a higher risk borrower and the interest rates on your credit cards may increase.
Effects
The older a foreclosure is, the less of an impact it will have on your credit score. If your interest rates increased due to a foreclosure, you may be able to renegotiate with your creditors for your original rates as soon as your credit score begins to improve.
Warning
If you file for bankruptcy to stall the foreclosure, you will be required to include your credit cards in the bankruptcy filing. If you file for Chapter 7 bankruptcy, this can result in your credit cards being charged off and closed by your creditors.
Source:
SmartMoney: Banks Lowering Consumers' Credit Card Limits (#3)
MSN Money: 12 Myths About Bankruptcy
More Information:
U.S. Department of Housing and Urban Development: Avoiding Foreclosure
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