I have a simpler solution - just stop paying them. Eventually the account will get sold to attornies that will settle for 50 cents or less on the dollar and often what the principle was before all of the late fees and interest. That's what I did - my credit was trashed anyway. Last month I bought 2 BMW's and refinanced the house. It was a better tactic than bankruptcy. You have to be careful with Visa and Mastercards tied to your bank account though - they can seize your bank account.

I was able to freeze the one credit card tied to the bank account and get a simple interest (9%).