What is better - To make minimum payments or settle a credit card debt?

If you are not able to pay, then negotiate with the creditors for the lump sum payment. Tell them that you can't repay the full balance. However, you have to convince them. You can consider debt settlement plan for it.

Negotiate to pay a lump sum and get rid of the debt. But to do it, you have to stop making monthly payments for the time being. Otherwise, creditors may not agree to reduce your payoff amount.

You can talk to your creditor for an alternative payment plan. It is better not to close the account even after settling and paying back debts since it will reduce your credit limit, for which, your credit score might get reduced to some extent.