Debt settlement firms operate by contacting your creditors and negotiating settlements on each of your debts. Most of these debt settlement firms set their goal at reducing your debt down to 30-50 cents on the dollar through their efforts. Often debt settlement payments may strech out over a term of years. Anyone may use debt settlement firms regardless of their home ownership status or credit. Be aware, however, that if you still have good credit allowing your debt to settle in this way may save you money, but it leaves your credit score in very bad shape. To see if debt settlement might be the right solution to fix your debt problem you may wish to answer the pre-qualification questionnaire or read an article on debt settlement written in the FAQ format or call 866-465-4891.