Debt relief isn’t a quick fix for money problems. The process, also called debt settlement or debt resolution, involves paying a company to negotiate with your creditors in hopes of getting them to agree to settle for a sum that’s less than you owe. It’s a growing industry: Debt relief companies reported a nearly 40% increase in settlements between 2018 and 2022, according to the most recent study published by an industry trade group.
What to know about debt relief
- We only recommend debt relief when other, more favorable options aren’t viable; debt consolidation loans and credit…