When people first learn that I work for a debt settlement company, I always get the same question, "Can I really pay only a percentage of my debt and be done with it"?

The answer is, YES!

But, the answer is not always that simple. If you have read any of my previous blog posts, you know I am an advocate for informed consumers.

In light of the current economic situation, the credit and debt industry is exploding. There is no federal regulation on the debt settlement industry, so basically any one can put an ad on T.V., charge a fee and make a lot of false promises. If your considering this option, be very careful, you have to be a very smart consumer.

There are programs that are successful but keep this in mind, it is not always as easy as the commercials claim. Think of it this way, you watch a diet commercial where the model lost 70+ pounds and claims, "If I can do it, anyone can do it." As consumers we are sold on quick fixes, but if it sounds too good to be true, think it through. As anyone knows who has ever tried to lose a significant amount of weight, there is not quick fix.  And just like with weight loss, there is no quick fix with debt elimination.

Negotiating to eliminate debt is a skill that is learned over years of experience working in the credit and debt industry. Getting in debt didn't happen over night, getting out of debt won't either.

The question is, can you or should you do it alone?