Very rarely does a debt settlement attempt using the services of a debt settlement company have a happy ending.  Most of these companies will have you send them a monthly payment instead of sending payments to the credit card companies.  The idea is to build up a pool of money (minus their fees) with which to make cash settlement offers to the credit card companies.  The problem with this strategy is that the credit card companies file suit against you after a few months of not getting their money.  Now you are stuck answering a lawsuit, which you will ultimately lose, and being faced with judgments against your property, bank account or wages.  Most of the time, a debt settlement company will accelerate your financial problems to the point where bankruptcy may be your only option.