Could you tell me what you think about this HSBC int reduction program

I called HSBC yesterday as I have a HSBC Platinum mastercard and have a $20,000 balance which is held in my name. The int rate had become 31% as I was late on a couple of payments.
They took down my information for the hardship program and said that they would reduce the int rate to 0% and I could pay over 60 months $350/month. They indicated that my credit report would show that it was paid in full but that they had closed the acct. I also spoke to debt settlement area and they were willing to write off $2,000 from my amount owed and I could pay balance in six equal installments. I know that is not a good settllement considering what others have got. What do you guys think about both of these offers.

Can you afford the $350 a month? If you can that's the way to go and you are not going to do any better. If you can't afford $350 a month, then you'll have to try and start saving up money for a debt settlement, but it will take you a long time to save up if you can't afford a $350 a month payment.

I have two credit card bills totaling 8,888 dollars. Interest rate on 1 is 11.99% and the other is 7.99% Had them frozen at those amounts and closed them out because they were going to go higher. I retire in two years and want not to have these bills. Would it benefit me to consolidate them and still have 5 years to pay on them?

I have two credit card bills totaling 8,888 dollars. Interest rate on 1 is 11.99% and the other is 7.99% Had them frozen at those amounts and closed them out because they were going to go higher. I retire in two years and want not to have these bills. Would it benefit me to consolidate them and still have 5 years to pay on them?

HSBC is trying to squeeze the life out of it's customers.
I called them to try and work out a payment plan (as I have with my other four credit cards). The others requested that I close my account, which reads on my credit report "at customers request", lowered my interest rates, by more than 15% for some, I had to make a initial payment from $39-$15 to start the programs and my monthly payments are from $25-$15. Oh, and I have from 48-60 months to pay them off.

HSBC asked for $157 initial payment, freeze my account for six months at which time I will need to make payment at $30 a month, no lowering the interest rate. After the six months everything goes back to the same.

Oh and did they mention that the whole time you are on this hardship the account will be going further and further behind. Oh ya and that they will be collecting fees 2. So at the end of the 6 months you will be behind at least 6 months and will have made a payment every month your balance will actually increase. Then at 6 months they hurry up and charge off the account as bad debt anyway.