(This in response to someone who asked me about settling with the credit card companies.)
I know what that's like.
If you settle then yes it will affect your credit score in a negative way. If I were you I would call them up and ask them to settle for 60%. They will probably say no. They will tell you that you are current (if you are) and that they can't settle with you while you are current. That you have to be behind in your payments by 2-3 months before they can consider it - that has been my experience. The credit card companies WANT YOU IN DEBT!!! And they WANT you to be BEHIND and LATE in your payments so that they can raise their interest rate on upwards to 24% to 30%. CREDIT CARD companies WANT YOU in DEBT!
But what is your goal?
I would counsel you to set a goal to get out of debt and stay out of debt. Having debt makes you a slave to your creditors. Think about it. When you are in debt you are not free. They own you, they own your payback schedule, they own your interest rate, they own what interest rate you'll get when you buy a house and worse, THEY OWN YOUR TIME. THEY OWN A PORTION OF YOUR LIFE!
When you work and bring home a paycheck think of that as TIME. TIME spent for someone else's needs -the creditor's need, the creditor's benefit.
Set your goal to get out of debt and stay out of debt. You will never regret it.