I question the ethics of "settling" with a CC company. As someone who always pays my CC in full and has not paid CC%, maybe I don't understand what is going on. But it really started to bother me on the WIR message board, when someone mentioned trying to settle with a CC company to forgive their debt.
They felt unable to pay the debt back in full and would like to pay less than what they owe. This did not sit well with me. I do not understand how someone can chose to do this. I do understand at least the CC gets something back instead of nothing, ie the person files bankruptcy. But how can people feel it's okay to buy things they cannot pay for?
Also I don't believe it's entirely interest they are paying. There obviously was charges for things they purchased. Perhaps it was just a meal eaten or something intangible. But where do you draw the line? Do people settle for the amount they charged at least? Or is everyone else left holding the bag who uses CC?