The New York Times Bestselling booklist is filled with books about debt, and if you have been struggling with debt, it’s likely that you’ve consulted with some of these books. Popular books include ones by financial gurus like Dave Ramsey and Suze Orman, who also have informative websites and host TV and radio shows. These financial advisors are known for their strict debt diets, which start with the cutting of credit cards and enable consumers to pay off bills. Most of the financial advisors in the media and other resources like MSN money have the same opinion on debt settlement-just say no!

It makes sense that some debtors are suspicious of debt settlement. After all, Americans have been hearing on the TV and radio that debt settlement is bad from the financial advisors that they trust, and even from the debt coaches on Ophra’s popular “Debt Diet” series. Consumers have also been raised up by the principle, “if it sounds too good to be true, it is”.

And there’s no doubt about it, debt settlement sure does sound good. Debt settlement is a method for resolving debts by compromising with the lending company owed. The goal of debt settlement is to settle the debt for at least half of the amount owed. Debt settlement programs usually last between 12 to 36 months.

Debt settlement is a completely legal way to eliminate debt, whether you do it yourself or have a company handle the negotiations for you. So why are so many popular and sough-after financial advisors against it? The answer lies in the fact that not all debt settlement companies were created equal. The debt settlement industry is still quite new and growing rapidly to meet America’s rising demand for debt relief. Unfortunately there are not enough regulations in the industry, and there are some debt settlement companies that are less than reputable. Popular financial authorities avoid endorsing debt settlement because they don’t want to come under fire if their fans take their advice, but end up signing up with an illegitimate debt settlement company.

The key to debt settlement then, is choosing a professional debt settlement company. There are several things that consumers should look for when evaluating a debt settlement company. If the company doesn’t seem to have a physical address, a phone number or asks for large sums of money up front, these are major read flags. Reputable debt settlement companies will hold memberships to the Better Business Bureau, Local and National Chambers of Commerce and debt industry organizations. They will also take the time to talk to you, answer your questions and explain the debt settlement process in detail.

Debt settlement is a great debt resolution, but it’s not for everyone, and this is another one of the reasons that some financial advisors warn against it. Debt settlement is only for unsecured debts, usually in excess of $5000. Candidates for debt settlement are those who are struggling to make their monthly payments or who can no longer make the minimum monthly payment on their bills.

Despite the bad rap some popular financial gurus have given it, debt settlement is a great debt resolution with many advantages. It’s the fastest way to eliminate debt, so you can get back on track, start rebuilding your credit and start living financially responsible from this point on.

Discover how debt settlement, can give you the debt relief you need.