Review your credit card statements and total debt
Stop using the card
Assess your budget and decide what you can realistically offer
Save money for a lump-sum settlement if possible
Call the creditor or collection agency
Ask for the debt settlement department
State that you are having financial hardship
Offer a specific settlement amount
Ask whether they will accept a lump-sum payment for less than the full balance
Request that the agreement be put in writing
Confirm the settlement amount, payment deadline, and account status
Do not agree to terms you cannot afford
Keep records of every call, name, date, and offer
Make the payment only after receiving written confirmation
Verify that the account is reported as settled after payment
Save all settlement documents and payment receipts