It can be hard to think of anything else when you are in financial trouble and debt is threatening to overwhelm you. That's when many people seek outside help. One of the options to consider is debt settlement companies. They can arrange with your creditors to settle your debts in lump sum payments for less than the amount you owe. Often a consumer can arrange for a debt settlement arrangement themselves. But many times, a creditor, and especially a credit card company, will be unwilling to negotiate a settlement as long as you are making payments. Debt settlement companies promise to help you with that. They may tell you to quit making payments, save up enough to make an acceptable settlement, and pay the company to walk you through the process. However, many people find the debt settlement companies charge hundreds of dollars in fees and damage your credit rating further, while rarely completing the settlement plan. Attorneys can be helpful in negotiating debt settlement arrangements. They may also provide other options that may be better for your situation, including bankruptcy. They may end up costing less than unscrupulous debt settlement companies.