I had to settle 6 credit cards recently. At the beginning of the year I ran out of money to make payments. I was beginning to use PayDay loans again and I just couldn't do that and go into the hole all over again.
I settled 3 BofA credit cards for 25%.
I settled 2 Chase credit cards for 30%.
I settled 1 Citicard for 30%.
I'm making payments and will make my last BofA, Chase and Citicard payments in November.
That still leaves me with about $47,000 in credit card debt. I'm still insolvent, no house, no assets and still living in our $1300/mo condo trying to put my 2 kids through college without them taking any student loans - I would certainly not qualify.
Anyway, I won't rest until....well....I guess I won't be resting anytime soon.