A DMP program would pobably lower your interest rates and if you could afford the 5 year payback plan, would be a good option to become CC debt free without hurting your credit score.
Paying back less than you owe will sink your credit for 7 years, not to mention make you a prime target for AA.
LOL if you are going to try to settle your debt, and can live with the results, you might as well wait to get a better offer. Paying 10% of what you owe is as bad as paying 99.99% score wise, Morally wise, depends on your point of view.
On the other hand a potential BK situation is a legal issue and not a moral one.