I have to settle a debt. Should i wait for them to contact or will I contact them?
I would say it is always better to contact the creditor and explain your financial situation. You can work out an alternative payment option that can help you deal with your debts in a better way.
Depends on your current debt situation? How much do you owe? Have you already defaulted on your accounts? If you approach the creditor when you're already regular on your payments, creditors are less likely to settle your debts.
If you know that you are unable to afford the debt, then talk to your creditors to disclose your financial situation. If your past credit card payment record is good, then your creditor can offer you a better repayment option.