Use debt settlement the right way.

The best debt settlement strategy to use with original creditors is to
negotiate the credit card debt yourself taking these steps;
1) Stop paying your credit cards and put the money in the bank to make lump sum final settlement payments later;
2) Respond to your creditors’ collection efforts with a tale of woe as to why you cannot pay;
3) Be prepared to back up your story to the original creditor with specifics;
4) Wait for the original creditor to make a settlement offer as the account approaches the six month charge off date;
5) Then counter with a lower offer and negotiate the best deal;
6) Negotiate a favorable listing by the creditor on your credit report. For example, Paid in Full (PIF) is better than Paid as Agreed which is better than Settled which is better than Charged Off. Getting the listing removed is the best option. That is called pay for deletion (PFD) as in you paid a lump sum to eliminate the debt and its listing on your credit report. PFD does not appear on your credit report.
7) Keep records. Get the first and last name of each person you speak to at a call center. Record the dates of your or their calls. Put everything in writing and get it signed by an authorized manager at the credit card bank before paying the lump sum.

Debt settlement, if consumers can afford it, is best done themselves or with an attorney. Get started by reviewing my  Seven Dangers of Not Knowing How to Deal with a Debt Collector .