Hello my name is Chris and I have had a credit card most of my life. We have used it to live off due to lay-offs and remodeling our home. I have recently found that we are unable to pay the large balance and the large monthly payments are just about impossible to pay. Should I just stop making the monthly payments to the company and try to settle on a lower amount of the balance and possilbly risking a bad credit score or just bite the bullett? My husband and I do have an excellent credit score so I really don't want to hurt that if I don't have to but, I will just to get this outstanding balance off our backs. Do you think they will settle with me or will they just demand their money and end up taking us to court for the full balance? I would like to avoid that at all cost if possible. I was going to offer them ten thousand instead of the full balance of eighteen thousand. Please help me go in the right direction. I just want to make this right and make it go away at the same time. Any good advice would be appreciated! Thanks!

If you can lower your household expenses and make the payments, I would do so. Some sacrifice now will avoid bigger pains later. I hope this is what you mean by "bite the bullet".

If you've over-extended yourself and it's simply impossible to make your monthly minimum payment, I would contact the card company and see what they are willing to do to help you until you can resume the regular monthly payment. If your credit is otherwise very good, they may offer you some flexibility.

I have my doubts that they would accept 55% of the balance as a settlement and let you walk away. If it seems you have the assets or income, they are more likely to pursue an aggressive collection action against you instead.