Most consumers are actually very honest in all of their business dealings, with few exceptions. Because of that level of honesty that most of us have, we shy away from the prospect of never paying back a debt that we owe, and this includes debt settlements. However, when an honest person shies away from debt settlements, it is because they think that they are not legal or not honest. If you are one of these people, you are wrong on both counts, and you can legally, ethically, and honestly avoid paying back a great deal of your credit card debt with a settlement.

From a legal standpoint, settlements are perfectly legal. It is a legal agreement that you and the credit card company negotiate together, although you should have a debt management company do the negotiating for you - just as you would have a lawyer represent you in a court case. The misconception that settlements are illegal comes from the fact that there are so many scam debt relief companies out there. Avoid those companies by using a company that is a member of the TASC.

From an honesty and integrity standpoint, settlements are very honest, and you will not sacrifice your integrity. A debt settlement is an honest agreement between you and the credit card company that comes about because your financial situation has changed, since you made your first agreement with them when you got your card, and the financial situation of the credit card companies have also drastically changed, which creates a situation where they actually need you to settle the debt as quickly as possible in order to improve their financial situation. The federal stimulus money that they were given makes the deal even more honest in that the credit card company is not losing anything by settling your debt for less than you owe.