If you are in a position to need serious help managing your debt, join the club. You are not alone, and not only are there many others struggling with financial problems, there are agencies to provide debt help settlement. The important thing to note is that credit card companies will rarely agree to a debt settlement if you aren't considering bankruptcy. That usually happens when you have missed three or more payments and have no hope of getting back on track on your own. Creditors know that bankruptcy may mean no payments for them, so they will be glad to settle for a portion of your outstanding debt instead. You will often need an experienced negotiator to help in this task, and an attorney may be a wise choice. Many debt settlement companies have a bad reputation for being more concerned about their fees than your debt settlement, landing you in more financial trouble. Be forewarned, however, if you do reach a debt settlement agreement, you may have to pay taxes on the portion that is "forgiven" if it is $600 or more.