BOA and Chase CC - thinking about settling myself

We have a BOA card with a 22K balance, 3.9% rate, never been late, making only the min. payment of $280 each month. Have a Chase CC with a 13K balance, rate increasing to 15% in July, making min. payment of $250 each month (this minimum payment will most likely go up I afraid) My monthly income varies month to month and is less this year to date, (I am commission only advertising sales) my husbands income is steady and with a secure job. We use the cards to bridge the gap between monthly income and household expenses. I am considering debt settlement because at the current balance of 35K CC debt and the lack of income I will NEVER pay these off. Should I stop paying both cards at the same time? And save, save, save while waiting for the settlement negotiations to begin.

My husband is opposed to this plan at the moment, we have a very good credit score at this point. Our mortgage (7 yr ARM) is due to expire 4\11 and mostly likely will be looking to refinance the mortgage at that time. Can our credit be repaired after the settlement in 12-18 months time?

I am almost certain that I want to do the settlement on my own and not go with a company and pay a fee. Anything that I need to be cautious of? What are the major down sides of doing debt settlement on your own?

Thanks you in advance for your input and advise.