I owe around $ 45000.00 in credit card debt. I always paid off my cards faithfully but with me losing my job and the interest rates rising too fast (even when I always paid on time) I just couldn’t keep up anymore. It’s been almost 16 months since I made my last payment. Now some of the credit card collection agencies have sent me a letter and offered to settle for around 1/3 of the amount. Should I take the settlement offer or is my credit so messed up beyond repair, that I should just consider filing bankruptcy instead? Any advice would be great.