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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 most consumers will agree, that debt settlement sure does sound good. Debt settlement is a debt relief option that is based on negotiations with the creditor owed. The goal of debt settlement is for the consumer to be able to completely pay off the debt for 50% or less than the amount owed. This is usually accomplished within a 12 to 36 month time span.

For clarity, let it be understood that debt settlement is legal, whether you do it yourself, or you have a company handle it for you. But why then, are all those popular financial advisors on TV and radio so against it? The answer probably has a lot to do with the fact that not all debt settlement companies are reputable, because of a lack of government regulation. The debt settlement industry is still fairly new and its expanding rapidly due to the country’s extensive need for debt help. The government hasn’t been able to keep up with the growth, allowing some illegitimate companies to set up shop. Finance people in the media won’t endorse debt settlement because they don’t want to take the blame if one of their fans is victimized by a debt settlement scam.

Carefully choosing a debt settlement company is the key to avoiding a scam. Some red flags include no address or phone number listed on the website, or asking for large deposits of money upfront. When evaluationg a debt settlement company consumers should consider a couple of things. Professional debt settlement companies will hold memberships to the Better Business Bureau, local and national Chambers of Commerce and debt industry organizations. Representatives of a legitimate company will be more than willing to answer your questions and explain their debt settlement program to you.

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.

Learn more about debt relief and how debt negotiation can help you become debt free in as little as 12 to 36 months.