If I settle with my credit card company, how will it effect my credit compared to filing a bankruptcy? Please help. I do not want to file bankruptcy.

Have you looked at your credit report recently? How is your current situation with the Credit Card Issuer showing up (e.g. 90 days late payments etc). Maybe you can get in writing that your credit report will read "paid as agreed" if you settle the debt.

Is "paid as agreed" good?

Yes, something to the effect "paid as agreed", is good. You should get a recent copy of your credit report and see what is on it.

Before you pay anything, be sure and get something in writing in case they fail to honor their promise to you. I have seen many people negotiate terms over the phone and end up at the short end of the stick because they didn't get anything in writng. By having something in writing, you have the power to enforce the change with the credit bureaus. Remember, the burden of proof and reporting is on the creditor. Therefore, they have the capacity to work with you and make changes accordingly.

PS

It is not typically smart to file a BK unless you have a large amount of debt. Also, a BK will destroy your credit score where as a settlement will only decrease your score by roughly 20-30 points.