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Debt settlement, also known as debt arbitration or debt negotiation, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Usually, as long as consumers continue to make minimum monthly payments, creditors will not negotiate a reduced balance.

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DEBT SETTLEMENT

• Single payment: Instead of paying multiple bills each month, you'll have to make a single monthly payment to the settlement company. The monthly payments are accumulated in a trust account in order to be paid off to your creditors after negotiation. So, you can avoid the stress of paying debts at different rates and dealing with several creditors at a time.
   

• Avoid bankruptcy: With debt settlements, you can reduce your debt burden and pay off bills comfortably. You can negotiate with the creditors or collection agencies and settle your debts for as much as you can afford to pay. Thus, you don't need to file bankruptcy.
   

• Eliminate extra charges: The settlement company can try and eliminate late payment fees, if and over-the-limit fees on credit cards.
   

• Avoid lawsuit & other legal actions: Creditors can file a lawsuit, get a judgment and garnish your wages or place liens on your property. You may be able to avoid such legal actions if you're in a settlement program.
   

• Avoid harassment: You can avoid unfair collection practices and harassment by debt collectors if you negotiate a settlement.

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• Get secured credit card: Such a credit card is easily available to those with poor credit history. The purpose of such cards is to help one improve his credit score.
   
• Avoid unnecessary credit: Do not take out unnecessary credit and raise your debt-to-income ratio. Make sure you avoid taking out payday loans right after settlement, because in case you fail to repay, it'll hurt your credit even more and you'll end up in debt again.
   
• On-time payments: Pay your utility bills and rent/mortgage payments on time.
   
• Savings account: Open a savings account and deposit funds every month. Once you have enough savings, you can pay for unexpected expenses without having to use a credit card. Moreover, you can take out a small loan with the savings account as your collateral. You can even use this account and get a secured credit card.
   
• Gas/Store cards: These are easy to qualify for. Once you avail such cards, use them every month and pay more than the minimum payment. Try not to use more than 50% of the credit line at any time. Once you're able to show a positive credit history through the gas/store cards, you can apply for a higher credit line.