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Debt settlement is an alternative to Debt consolidation and bankruptcy to a person in debt. During debt settlement the consumer offers to settle the debt for less then the original amount owed. The creditor has an incentive to accept this offer if their is a high probability that they will not be able to collect from the consumer. If the consumer goes into bankruptcy the creditor stands to loose all their money that they loaned to the debtor. Also if the creditor turns the debt over to a collection agency, the agency will likely charge 50% of anything they are able to collect. For many companies the value of having a partial payment now is greater than taking the risk of getting less in the future.

Debt settlement may or may not have an impact on the credit score depending on how it is handled. In some countries like United states consumer debt settlement has become a big business for the attorneys since they usually charge upto 15% of the debt, while they negotiate a settlement amount with the creditors. Though there are DIY options also available for educated consumers.

In some cases people use debt settlement to avoid paying for expensive items they purchased. For others, debt settlement represents an effort to pay their creditors as much as possible while avoiding bankrupcy. At one point in time people who could not pay their bills were put into debtors prison. Bankruptcy and debt settlement has replaced the debtor's prison at least in US.

See also

• List of finance topics

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