There are thousands of debt reduction strategies that have been advertised and discussed in recent years, but according to many personal finance experts, only a few of these approaches have any real merit. The cottage industry of debt settlement companies that has sprung up in recent years has been at the center of a significant controversy, and many experts advise consumers to avoid these third-party firms. If you are stuck in a severe financial crisis and have no way of meeting your monthly obligations, you may be a prime candidate for bankruptcy. On the other hand, if you are currently paying your bills on time but are having difficulty formulating a long-term plan to get out of debt, you would likely be better served by seeking out the help of a non-profit credit counseling service. Check your local telephone directory for the contact information of the organizations that exist in your community.