Debt consolidation programs offer a completely legal, ethical, and logical way to get debt settled that has been around since the concept of debt itself. The incentive for creditors to settle debt for less than the total amount owed is because once there is a possibility that they may not collect anything on the debt at all if you filed for bankruptcy. Your motivation to settle is just to avoid bankruptcy and to ethically settle debts that you owe.

 In time your minimum monthly payments will basically be going entirely towards interest with a minimal amount towards actual debt, itself.  Making minimum payments, you would finally pay the account off in about thirty years having spent many times the amount that you initially borrowed. Debt consolidation programs can end this neverending cycle and settle your debts in three years or less.