It looks like the credit card companies are finally starting to see the light. After years of favorable legislation that helped them make billions from late fees, service fees, and jumping up interest rates on teaser cards, the industry seems to be in negotiating mode. The primary reasons are tied to our faltering economy and the industry recognizing that the financial holes they helped borrowers dig may never be paid (I'm sure the bailouts are helping as well, but I need more information on this).
While only a few credit card companies are acknowledging the practice, the credit card companies appear willing to accept 50 cents on the dollar (and some times less) on delinquent accounts.
You can read the story here.