Taking advantage of credit card settlement programs can make a lot of sense in these economically-trying times. The level of consumer credit held by some people these days is almost astronomical, and with home values crashing (many people are carrying a home-equity loan or planned to use one to pay off credit card debt in the future), the days of easy borrowing to pay off a set of credit cards are gone.

Keep in mind that the Internet is full of companies or businesses that offer credit card settlement, most often for a fee or some other consideration. Some are nonprofit, meaning that they do not draw their pay for engaging in such activities from the people who need the credit card debt settled.

However, keep in mind that there are more than a few unscrupulous kinds of businesses out there who make lavish promises about credit card settlement but who never come through once the upfront fees they demand have been paid. That's why it's a good idea to research any solicitation from a company offering to settle credit card debt very thoroughly before making a commitment to that company.

It isn't all darkness out there, though, because some of the best settlement companies or businesses come with very good reputations and are widely known. There are also plenty of websites that can walk a person through the process of credit card settlement on one's own. Additionally, free or very low-cost CD-ROMs or DVDs exist that contain all the forms necessary, as well as standard advice, to engage in settlement as a do-it-yourself project.

For those who have access to legal advice or even have an attorney on retainer, this may be the way to go. Settlement laws can be very involved and even when the laws are on a consumer's side, it can be the case that a credit card issuer or holder of that consumer's debt may choose to play what can only be called “hardball” when a settlement offer is made.

What some of these companies are relying on is the reticence of a consumer to stand up to the debt collection process, which is where a paid advocate – such as an attorney or even a debt settlement firm – can come in handy. In truth, the law prefers that some sort of debt settlement be offered rather than just flat out declaring bankruptcy, and many such laws are actually on a consumer's side.

Many holders of consumer debt are fully aware of this but count on a consumer not being as aware of the laws as they are. They may even sell off the consumer debt being held in anticipation of an incoming settlement offer. The new company picking up that debt – which probably bought it for pennies on the dollar – may employ a collection firm, and some of those firms can play very rough, it needs to be said.

In the end, taking advantage of credit card settlement programs involves conducting just a little bit of online research to make sure that the settlement firm is legitimate. After that, realize that the law actually encourages settlement rather than bankruptcy and provides a number of incentives for a consumer to do so. Go into the process clear eyed and ready to work, and all should go well.