Hello! Debt settlement companies may be a viable option for some people, but they have their pros and cons. They work by negotiating with your creditors to reduce the total amount of your debt and often set up a plan where you make monthly payments into a special account, and once enough funds have accumulated, they negotiate with your creditors to pay off debts for less than what you owe. Debt settlement companies typically charge a fee, as you can see by looking at reviews on credit associates , often as a percentage of the total amount of debt reported or a fee based on the amount saved. Additionally, when you stop making payments to your creditors and begin the settlement process, your credit score will likely suffer and your accounts may become delinquent, which can have long-term consequences.