If you're current on your accounts, or even just several months behind, and you want to maintain a good credit score, then debt settlement is not for you.
Consider consumer credit counseling which will allow you to enter into a debt management plan with your creditors may be a better solution. There's a possibility to reduce your monthly payments, but you'll still be able to pay your balance in full. As long as your payments continue to be made on time each month, consumer credit counseling does not hurt your credit.
You can work out your own payment plan with your creditors. If you've missed one or two payments, you can often get a temporary reduction – six months to one year – in your monthly payment and interest rate.