If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own.

If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.

If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.

Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.

Take the cards out of your wallet. A debit card is accepted just about everywhere that credit cards are, and you'll be spending money you have - always a good thing.

No company can promise an end date, but if you have multiple debts, the first one should be settled within a year.

If you default on an unsecured debt, you won't lose anything (except points on your credit score).