Do have nice chunk of change hanging around? If you do, you might as well do the right thing and make your payments on time. If you want to settle on your credit cards you have to be seriously behind in your credit card payments and have a large lump of cash hanging around to have a chance at working out a settlement that will reduce what you owe.
Credit card companies are only forgiving of your unpaid balances if you can make a lump sum payment that covers a portion of the money you owe. For example, if you have $20,000 in credit card debt and the credit card company is willing to reduce the debt to $10,000, then you need to be able to pay the remaining $10,000 immediately with old fashion cold hard cash. They aren't going to allow you to say you'll be a good boy or girl and you will stick to a monthly payment plan (You had your chance with that already). Getting a settlement will require having enough cash at the ready to pay off the entire remaining reduced balance. If you don't have the that kind of money, it isn't likely the credit card company is going to offer you any kind of settlement deal.
Credit card companies are only forgiving of your unpaid balances if you can make a lump sum payment that covers a portion of the money you owe. For example, if you have $20,000 in credit card debt and the credit card company is willing to reduce the debt to $10,000, then you need to be able to pay the remaining $10,000 immediately with old fashion cold hard cash. They aren't going to allow you to say you'll be a good boy or girl and you will stick to a monthly payment plan (You had your chance with that already). Getting a settlement will require having enough cash at the ready to pay off the entire remaining reduced balance. If you don't have the that kind of money, it isn't likely the credit card company is going to offer you any kind of settlement deal.
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