GS Services, on behalf of CitiCard, is offering me a settlement of $9000 for a $13,000 debt. I would have to pay $7000 up front and then $2000 over the next two months. I am thinking about doing it. My other option is to go into a Credit Counseling Service, which would make me pay $331 over the next 58 months. So I would be saving $10,000 if I take the settlement. Any help here would be great.

If you can afford the settlement why not take it? If you have the $9000 in the bank there really should be no question but to the amount you would save, but I assume since your posting you don't have $7000 in the bank right now... correct?

If you can, go for the settlement. The creditors do not have to participate in the program the credit counseling company is offering if they do not want to. When I tried to do credit counseling, I was immediately sued by a credit card co, because they did not want to participate.

Make sure that you get it in writing and that it spells aout what they will report to credit bureaus. But I would go for the settlement.

Yea we have the money. We would just switch some things around and our taxes are coming back soon. So it shouldn't be that bad. Just wanted some feedback. Thanks a lot.