With this option there is no track record of improvement, and your credit rating is affected as long as this one is reported on your credit report. If you are sitting at the kitchen table wondering how you are ever going to be able to continue to pay your monthly minimum payments on your credit cards, then you may also be considering options to help you deal with your debt and get back to your life. Is Debt Settlement a Good Thing to Do Over Bankruptcy. For that very reason, this is the alternative to avoid by all means. People sometimes find themselves believing that they are faced with difficult decisions about their growing debt. When it comes to dealing with high interest credit card money owing many people start to think about bankruptcy. Unfortunately in the process of doing research on financial options, some people do not exercise every option available to them.

Those options are mainly debt settlement and bankruptcy.

Bankruptcy stays with your credit report for a very long time, and in some cases it can negatively affect your chances at getting financing for almost a decade.