More and more people are turning to debt settlement as a means to eliminate credit card debt and other unsecured debts during the tough economic times. The process involves a third party organiation not only consolidating your bills but also negotiating with lenders in order to lower the principal amount owed. This can help you save a ton of money on your monthly payments, but may adversely affect your credit rating. Of couse, if the only other alternative is bankruptcy, then this may be your only option. Those in trouble from the mortgage mess may want to consider this option.

From TransWorldNews:
For those with mounting, uncontrolled unsecured debt there are several debt settlement programs available. Another option is consumer credit counseling. This program will some times lower your monthly payment. Keep in mind it is only lowered while in the CCCS program. Should you or the counselor be late in getting the payment to the creditor, that interest you had lowered will raise its ugly head again making things even worse than ever. Keeping the above in mind, they want you to think they are non-profit and manage your money well.Consumer Credit Counseling your going to go through a counselor who will tell you what you already know. After you have paid your enrollment fee, and agreed to automatic bank drafts they will start your program. Your counselor will then contact your creditors and "attempt" to lower your interest.