Most credit card companies do not have a formal settlement or debt forgiveness program. In order for a creditor to settle a portion of your debt, you would need to be severely delinquent. Usually more than 6 months behind. At that point, most creditors would be willing to receive a lump payment of 40-60% of the balance and forgive the remaining balance. However, the amount forgiven would typically be considered taxable income by the IRS. Consider Credit Counseling or Hardship Programs first.

Yes. Most credit card companies have a hardship program including Target. However, your financial hardship reason must be compelling to merit the benefits. Credit Card companies will temporarily lower your interest rate and payment for about 6-12 months to help you get back on track. Credit counseling agencies offer hardship programs that last up to 60 months.