Debt Settlement and Credit Counseling are two different approaches to debt relief. The differences between tehse two forms of debt resolution primarily show up in the length of time it takes to become debt-free and the overall amount it costs to repay the principal and the accrued interest. With Credit Counseling, you will eventually pay back all of the debt balances – plus interest and fees; whereas with Debt Settlement, you pay back only a portion of your debt load. This makes Debt Settlement a much faster path to handling your debt (2-3 years) than Credit Counseling (5-9 years). And, this means a lot less money out of your pocket.