Between 2007 and 2019, 18 million consumers settled debt across 34 million unsecured credit accounts — one in thirteen consumers, according to the Consumer Financial Protection Bureau. If you’re struggling with credit cards or overdue loan payments, know you’re not alone. Many options are available, including our guide to paying off credit card debt. Debt settlement can be a good option for people struggling with debt, helping to get out of debt faster and for less money. However, it is important to understand the impact of debt settlement on your credit score and the risks associated with this process, whether working with a company or negotiating independently.