Many times Debt Settlement is presented as a way to get out of paying what you owe. This amounts to stealing. If you intentionally go into debt with the plan to later get out of what you owe then I don’t see much difference between that and theft. However, debt settlement coupled with debt consolidation can be a wonderful gift for people who are trying make good on their debts but whose circumstances have made it extremely difficult to repay their creditors. Debt Settlement and Bankruptcy is what has generally replaced debtor’s prison from years ago. The downside of course is that some people don’t take responsibility for their actions since they know it is unlikely they will suffer any consequences.
When you buy something on credit or take out a loan you are giving your word that you will repay the person or institution that is loaning you the money. Debt settlement should be used for the rare cases where it is just completely impossible for an individual to repay their debts even after cuting all their expenses and consolidating their loans. Debt settlement should not be used as a means to live beyond one’s means–buying things and then only paying creditors a portion of the actual price.
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