Are you interested in alternatives to bankruptcy, such as debt reduction, elimination, and consolidation? If so, you will be glad to learn that there are dozens of viable options available to consumers who are seeking to dig their way out of debt without suffering the lasting credit damage that is often associated with bankruptcy. However, personal finance experts advise that some of these options are preferable to others. Specifically, it is often advised that consumers act as their own advocate when it comes to devising a debt reduction plan, rather than contracting the services of a third-party debt settlement firm. The debt settlement industry has been the target of increasing legal scrutiny in recent years, even as research has noted the lagging effectiveness of this approach as compared to debt reduction strategies. Unfortunately, there is no "magic pill" when it comes to reducing and eliminating debt; instead, it is all a matter of devising a strict budget and payoff plan and sticking to it diligently.