That is good advice, but PLEASE....if you work out a payment arrangement with the credit card co, be SURE you get the agreement IN WRITING.
A few years ago my credit card company agreed to 1/2 settlement. They started billing me for only the 1/2 due, but when I paid it up, they started billing me for the other 1/2. Despite letters, phone calls, etc., it is still on my credit today. I have a report on file with the bureaus disputing the charge, but I still have collection agencies constantly contacting me about it.