How long will it take to settle credit cards?
Credit card companies are offering a few debt relief programs to cardholders. You should try to take advantage of that and explore your options. See, if you can pay off your credit cards using those debt relief programs. If those programs don't work for you, then try to settle with Discover first. You said it's a charged-off account. Well, in that case, you have to negotiate a settlement with the collection agency. Bank of America is pretty easy to deal with. So, you should try to settle with them next.
Save at least 50% of your total owed amount before initiating the settlement process. Tough to say how long it would take to get out of debt. it may take as long as 2 years to clear all your debts.
The government does not sponsor debt relief programs, you may need to opt for debt relief programs provided by credit card companies.
I would suggest you to pick debt settlement option and save as much as possible. But you need to be patient, as it may take as long as 2 years to get out of debt, as David said earlier.
First of all, charge-off doesn't mean that the debts will be erased from your credit report. So, if you can pay off that amount, it can help you to improve your credit score. In this situation, you can negotiate with your creditors and settle your debts for a lower amount than you owe.
Secondly, many credit card companies are offering relief like lowering the interest payments, allowing to skip payments, etc to the consumers due to the pandemic. So, if you are going through financial hardship due to COVID-19, talk to your creditors about it and seek relief.