[masraum]

Years ago, we were in a lot of debt. Someone mentioned that sort of thing, so we called one of the credit places to ask about it. We ended up not doing it, and paying everything off.

We were told that what you need to do is stop paying for a while. Eventually, the credit card company will work with you to get something instead of nothing. I suspect how much will depend upon how much you owe.

It sounds like your best bet is getting the card closed/cancelled and then paying it off.