From MSN Money,
Record numbers of Americans are falling behind on their credit card bills, but for many debt-laden consumers, there's an upside. Increasingly, banks are negotiating with debtors, and, in some cases, they're willing to take substantially less than what is owed.
Banks modifying consumer loans isn't new. In 2008, 2.7 million credit card loans were modified in some manner, according The Nilson Report, an industry journal. It is widely expected that debt holders will alter the terms on even more loans this year.