There are many who suggest we should all eliminate our debt in these difficult times and live more simply. And while that's excellent advice, for some people they can't eliminate date for any number of reasons, including job loss, medical expenses, pay cuts, and variable rate mortgages. For them, the best hope may be consumer debt settlement with the help of a debt settlement company. This only works for those who are several months behind in their credit card payments, and it is a last-ditch effort to avoid bankruptcy. But if your creditor thinks it's the only way for them to recover their loan, they may agree to settle for far less than the balance on your cards. You must be wary, however, and make sure you use a reputable debt settlement company and get the agreement in writing. At that point you will no longer have monthly payments but will save up to make the lump sum settlement payment. It may take months or even a few years, but in the end, your debt will be settled and you will be free to begin rebuilding your credit.