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I have a relative who did that.
Three years ago, she negotiated her c/c debt directly with Citibank, and paid about 1/3 of the $5000 that she owed. At the time, she thought it was a good thing. Since then, she has applied to several c/c companies -- even the ones who give a card to anybody -- and all of them turned her down. I think she uses a debit card now, which means she's kinda limited in what she can do.
So basically it's not a good thing.
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