It can be tough to get your creditors to accept very low settlement offers, but it could be possible in certain cases. Seksan Mongkhonkhamsao/Getty Images

If you're drowning in credit card debt, the idea of settling for half of what you owe probably sounds too good to be true. Yet with Americans carrying a record $1.23 trillion in credit card debt and average card rates hovering around 22% , more people than usual are exploring debt settlement, also known as credit card debt forgiveness , as a lifeline. But the question that comes up regularly is whether creditors will actually agree to a substantial reduction — and what it can take to make that happen.

The reality is that creditors aren't in the business of forgiving debt out of sheer goodwill. They're running a business,

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