If you've considered debt settlements for your debts, and decided against it because you fear that it only adds to the problem of a failing economy, you need to reconsider immediately.
You might think that by paying less than you owe, you are only hurting the credit card company, but let's take a realistic look at that theory.
First, there is the actual debt that you owe, compared to the amount that the credit card companies are charging you.
You made a purchase of $50 last year, using your credit card.
Now that the credit card company has added interest and fees, that same purchase is now costing you more than $100 in most cases.
The credit card company did not extend you $100 in credit - they extended you $50.
You are not cheating them with a debt reduction.
In fact, they are probably still cheating you.
Then, you must consider the stimulus money.
The United States Government gave this money to the financial institutions - which own the credit card companies - to help them with the problem of unpaid debts, and this includes reaching debt settlement agreements with their debtors.
If you do not take advantage of that stimulus money, somebody else will - and if enough people do not, this is just more unearned money in the pockets of the financial institutions.
If you really give a great deal of thought to these two facts, you will again realize that first, you aren't cheating anyone, and second, you are not adding to the problem of the recession at all.
If anything, you are improving the overall economy by first improving your own financial situation, and second by still paying more than the original credit amount that was extended to you even with a debt settlement.
You and your family should not have to suffer while the financial situation of the financial institutions constantly improves - at your expense.