How Do I Settle Credit Card Debt With Synchrony Bank?

Short answer: Synchrony issues many store-branded cards. If you're behind, call the number on your statement and ask about hardship options or a settlement. If the account has been sold, deal with the collector that now owns it. Get any agreement in writing before paying.

Step by step

1. Confirm who owns the debt. Check your statement or credit report; charged-off accounts are sometimes sold.
2. Know your numbers: balance, how far behind you are, and what you can pay.
3. Ask about hardship first if you can still make reduced payments.
4. For a settlement, name a figure you can pay as a lump sum or short series of payments.
5. Get written terms stating the amount and that it resolves the account.
6. Pay traceably and keep confirmation.

Things to know about store cards

• Store cards often carry higher APRs than general-purpose cards, so balances grow quickly.
• Deferred-interest promotions can charge all back interest if the balance isn't paid in full by the end date. The CFPB explains deferred interest.

After settling

The account will show as settled for up to seven years from the original delinquency. Forgiven amounts of $600 or more may be reported on a 1099-C (IRS). If you'd rather repay in full at a lower rate, a nonprofit debt management plan can usually include store cards.

Sources

• CFPB, Credit cards
• IRS, Canceled debt: is it taxable?
• FTC, Debt collection FAQs

Last reviewed October 12, 2026. This article is general information, not legal, tax or financial advice.