Credit card companies are increasingly doing something they have historically refused to do -  cutting deals on delinquent accounts for substantially less than the amount owed, according to a recent article in the New York Times.  Historically, credit card companies might negotiate interest rates or waive penalties, but would not otherwise write off the balance due.  This is a welcome change in policy, as it makes good sense for both the company as well as the borrower.  It just might be the key to avoiding bankruptcy.

^[1]