There are many people today who dream of a way to reduce their debt. The good news is, there are a number of debt reduction services to choose from. Credit counseling services are usually non-profit organizations that help people reduce their expenses and get on a budget so they'll have more money to pay their debts. Debt consolidation services negotiate with creditors to reduce interest and allow the debtor to make one payment to the service each month which it distributes to creditors. Debt settlement services help debtors who are several months behind in their debts. They negotiate with creditors to settle for a lump sum payment smaller than the outstanding debt which closes those debts so clients can begin rebuilding their credit. The final option is bankruptcy. You need a lawyer to file for this kind of protection, and you need to decide if damaging your credit rating further is worth the protection bankruptcy provides. Consider carefully which option is right for you. Make sure you choose your service providers carefully and don't get taken advantage of by illegitimate organizations out to take your money. If your financial problems are serious enough, it may be wise to consult a lawyer before deciding on any of these options.