Americans have more credit card debt than ever - and it is no wonder that debt settlement has become a popular option for many people who are struggling with credit card debt.

Debt settlement is the process where an attorney essentially negotiates with your credit card companies to take less than you owe them in return for a fee. If you decide that you want to work with a debt settlement company, you will agree to deposit money into an escrow account each month and allow their settlement experts negotiate with your credit card companies who will hopefully settle for less than you owe.

Debt settlement has become popular because so many people owe so much -- and it is a much better option than filing bankruptcy usually.

If you are thinking about debt settlement or bankruptcy, be sure that you do your homework and know that you are dealing with a reputable debt settlement company - there would be nothing worse than learning you got screwed because the debt settlement company you chose was shady and didn't know what they were doing.