In the late 1990s and early 2000s, a cottage industry of debt settlement companies sprung up across the United States. Taking advantage of financial industry deregulation and capitalizing on skyrocketing amounts of consumer debt, there firms offered relief to millions of Americans who were lagging on their monthly payments or at severe risk of falling behind. However, despite heavy early interest in the industry, a wave of consumer complaints, criminal investigations, and class action suits has tarnished the debt settlement industry in recent years. A number of states have passed laws that make for-profit consumer debt settlement activities illegal, and other state and federal agencies have initiated investigations into claims of debt settlement fraud. For all of these reasons, most reputable personal finance experts advise consumers to avoid dealing with debt settlement companies. If you are behind on your monthly payments and need help, talk to a non-profit credit counseling center or hire an experienced debt settlement attorney.