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Advice for Paying Off Debt

So I have quite a bit of debt due to using credit cards to keep afloat during income loss. I haven't paid any of my monthly payments since May since there's been no extra money. I'm trying to plan so I can get things back into shape, but need some advice.

At this point, I'm over my limit on the cards by a couple hundred dollars each. A friend of mine has recommended waiting until I have say $200-300, then trying to see who would settle for what I had to get it closed, and go from there as I can.

Anyone have any advice on this? I truly don't like wanting to consider paying less than what I owe, however money is so tight I have to be practical. Would you work directly with the companies to pay the balance in full, or settle the accounts?

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