When you find yourself in debt and cannot see anyway out, settling credit card debts with the credit card companies is what you should do. It is best to do this when you are calm and can have time to explain your situation and try to work out a solution that is agreeable to you and the company.
One thing that you should ask about when you are trying to negotiate credit card debt yourself is the interest rate you are paying. There are many different interest rates being offered and that may make your company willing to work with you rather than to see you go to someone else. When you are able to lower your interest rate, that means that more of what you are paying each month goes to pay down the actual debt, instead of just paying most of it to the interest and very little to your balance.
Check the fees you are paying for your card. See if the company offers any cards with lower fees,if they do you may be able to transfer your balance over to that card, saving yourself money on the monthly fees.
If you are having serious financial difficulties, see if your company is willing to offer you a repayment plan where you send in small payments and they stop adding interest to what you owe. Sometimes a company will do this in order to recover their money and not have to spend more time and money trying to chase after a debt.
There may be other ways that your credit card company can work with you to find a good solution for getting your debt paid. Talk to them and see if you can come to some kind of agreement. This way they get their money and you will have less stress seeing the interest rate and late fees continuing to add up. Even though many people are afraid to make that call, it could be a very smart move for you to do so.