I had an American Express card that I maxed out a few years ago and paid more than $1200 and then missed two payments. My remaining balance is $1100. Now they have an offer to settle in full for $450 or pay in full at $1100. I'm only 24 and I don't have much credit or a big income. What should I do?

If you already have bad credit, will the negative issues of a settlement really hurt ?

If you do settle get everything in writing and do not listen to what the collectors say on the phone. You can not trust collectors to tell the truth. Do a search on the internet on debt settlement letters and read up on this subject, do this especially if it is a debt collector. You did not say if it is the original creditor or a debt collector. If it is a debt collector make sure that you ask for the following: that the uncollected amount not be sold to another debt collector, that the information on your credit report states that it was paid in full, remove negative listings on your credit report. Also if you settle and pay less than the amount owed and the amount is over $600 the IRS will send you a 1099 form and that amount will be considered income and you might have to pay taxes on it. Please do your research before you settle. The good thing is that you are young and have the opportunity to get your debt in order and fix your credit.