How much do credit card companies usually settle for?

When it comes to credit card debt, the settlement amount depends on your financial situation and negotiation skills. Wong Yu Liang/Getty Images

Credit card debt has reached new record highs this year, due, in large part, to the tough economic landscape we're facing, and that means the monthly payments are becoming increasingly difficult to manage for many people. Further complicating the issue is the fact that average credit card APRs are now hovering above 22%, which means that the interest charges compound quickly for those carrying a balance. And, while the Federal Reserve has begun to ease rates, card issuers rarely pass down those savings to cardholders. When they do, the process tends to be a slow one .

As a result, more borrowers are now struggling to keep up wit