debt settlement

a creditor will rarely settle an account if you are current, most will not even begin to consider settlements if you are less than 180 days past due.

if you are still current on everything and think you can stay that way, I would personally throw that 60% at the balance and keep going from there. if you were able to save enough money to build up a 60% lump sum, you should be able to get out of the debt using the snowball method.

"snowball Method?" care to explain, please, what that is?

The Dave Ramsey thing, where you pay minimums on everything except the card with the highest interest, which you throw everything extra you have at it until it is paid off, then repeat for the next highest-interest card. That card gets paid off even quicker than the first (usually), and the next one even quicker, hence the term 'snowball'. I feel it's a good idea ony if you can be doubling the payment from the very first card.

Side note: Some versions substitute 'lowest balance' with 'highest interest' in the explanation above, but if you run the math it is actually cheaper in the long run to go after high interest first in most cases. Going after a low balance first is only psychologically beneficial as you get your first card or two paid off rather quickly, but you're still paying outrageous interest on other cards.

Again, in my opinion this should only be exercised if you can easily double your minimum payments on a couple or more of your cards, not if you are scraping by on the minimums on every single card.