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Is this debt settlement new or how long has it been around? How many companies are there that offer debt settlement services?

Hello. Debt settlement services have been around for a long time. The settlement process is similar to what a lawyer does when you hear that “a settlement was reached”. It is basically a negotiation where both parties reach an agreement that becomes legally binding.

The debt settlement industry has grown tremendously over the past several years simply because the need is there. No longer are law firms the only ones who provide these services, now debt settlement companies do as well (although the good ones typically have at least one lawyer on staff).

As the credit card companies have become increasingly aggressive in marketing their credit cards to anyone who has a pulse regardless of their current financial situation, people have taken full advantage of them and sometimes gotten into too much debt. It happens. So as a result more debt settlement companies have sprouted up to help them get back on their feet especially now that the new bankruptcy laws have made that route to debt freedom much more difficult.

Debt settlement services are a great alternative for many people who need a way out. Thanks for the question.