If you are not late on your payments which is worse on your credit being on a debt program or settling with the creditors?

If you are not late on your payments, why would you be in a debt program or settle with creditors if you are paying your accounts on time?

Either option would indicate that you cannot pay your accounts properly. Both would cause significant deductions in your credit score. The exact impact would depend upon the specifics of how the accounts are handled.

If these are your options, the determining factor may be your participation in the process. No one will ever care about your finances, credit and future the way you will. If given a choice between handing over control to a debt program, or settling accounts myself; I would retain control everytime. I wish you luck!