While there are many people succumbing to the consequences of bankruptcy in today's recession, there are others that have found alternative solutions, such as those of a debt settlement service. It is a last, best alternative before bankruptcy, and people who have been making their credit card payments on a regular basis will usually not be considered eligible by their creditors. After all, in a debt settlement agreement, creditors are allowing you to pay off outstanding debt at a reduced rate, sometimes even as much as half of what you owe. If they believe you are able to eventually pay the debt in full, they wouldn't agree to settle. However, for those in dire financial trouble, it can help you clear that debt and begin rebuilding your credit without destroying your credit record. Be wary of debt settlement services, however, as many are unreliable, charge outrageous fees, and don't manage the agreement to completion. Contact your Better Business Bureau or local consumer protection agencies to find one that will work for you.