We don't watch a lot of television. But when we do we inevitably see at least one commercial for some company promising that you can pay of less than the full amount of your credit card balances, with their help or course.

Known as debt settlement or debt relief companies, their ads often tout finding solutions for you to pay only pennies on the dollars owed.

Sound too good to be true? You're right. It is.

A debt settlement trade group conducted a survey of member firms and discovered that the number of people who completed the program ranged from only 35 - 60%. And the Federal Trade Commission admitted that companies often define "completion" differently.

So who knows what the real success rate actually is?

More importantly, people, desperate for debt relief, usually sign on unaware of what they might face.

Just because you sign up with one of these services, it doesn't mean that those threatening or angry calls from debt collectors will cease when you sign on the dotted line. It does means, however, that you could be charged from 10 - 15% of the total owed UP FRONT while fees, penalties and interest continue to be tacked on by your creditors.

But if you are contemplating the tempting idea of finding debt relief, do it the smart way.

Contact a local consumer credit counseling agency first. You can find the nearest one by searching The National Foundation for Credit Counseling at www.nfcc.org. They can help you with all types of debt management issues.

If you're worried about the effect on your credit score from a sit-down with a credit counselor, relax. Just speaking with this organization does not reflect on your credit rating and the first sit-down is free.

Also remember, if you're to the point that you need counseling, you've probably already damaged your credit score.

If your debts are such that you can't make their recommended monthly payment, you'll need to talk with a bankruptcy attorney because a credit counselor will be unable to help.

In fact, even if you do go the counseling route, you should speak with a bankruptcy professional. Settling for a lesser amount does not necessarily mean a creditor won't sue for the balance.

Remember, too, that you can always try to work out a settlement on your own. But be prepared for tough talk and know exactly how much you can afford to repay.

Debt relief is NOT about avoiding your indebtedness or "putting something over" on your creditors. It's an honest cry for help when the debt is too much.

But if the lure of those TV commercials is so strong that you decide to go that route, work ONLY with a debt-relief firm that bills you AFTER a settlement of your debt is reached.

And remember, we are here to help you with all of debt management questions.

Get the straight talk and easy to understand advice you need here:

• The Truth About Debt Consolidation
• Is Bankruptcy Your Best Option
• 10 Steps to Living Debt Free

Read More In: Credit Smarts Debt Management