Have you heard that you can eliminate up to 60% of your credit card debt with a process known as debt settlement? If you have, you likely stopped and thought "wow, this could really help." Yes, debt management is a relatively easy way to get out of debt, but it is a wise financial decision for you? There are a number of factors you want to consider.

Your Credit Score: When opting for debt settlement, your credit score will be impacted for around one to two years. During this time, you will likely be unable to secure financing for a new home or car. The good news is that debt settlement impacts your credit score for fewer years than a bankruptcy filing does, which is for seven long years!

Your Reduction: You might consider it a good trade off (the poor credit score) for a good debt reduction. However, not everyone gets the same percentage of reduction. You can up your chances by doing business with the best debt settlement program in the industry, but it also depends on how much you owe. Generally, the more you owe the higher the percentage of elimination you get. So say you only owe $2,000 in credit card debt. A $500 reduction in debt isn't a good trade off for a negative impact on your credit score for two years.

In short, debt settlement is a relatively easy way to get out of debt because there is less money you need to repay. However, it isn't the best financial decision for everyone. Settlement is typically best for those who have $10,000 or more in credit card debt. If you believe you are an ideal candidate, use the services of a debt relief network. These networks do the hard work for you; they track, test, and monitor companies within the network to ensure they are and stay the best in the business.