Most debt settlement companies are out there to make profit. They are only going to worsen your financial condition. Most companies wait until they have found enough customers who will contribute a huge amount as debt. Now, they will negotiate with the credit card companies and offer them a portion of the total debt amount contributed by their customers. The chances are that the credit card company will accept this offer made by the debt settlement company as the credit card provider wants to avoid a situation in which their customer files for bankruptcy and they do not get even a penny from their customer. So, make an informed decision and choose only those companies with favorable customer reviews and a good reputation.