Will debt settlement work for you right now? One more extremely popular way that people try to get out of debt is by enrolling into a consumer credit counseling service. This is comparable to what a debt consolidation loan can bring to the table, however no one is lending you cash in it’s place you make installments every thirty days to the credit counseling firm and they distribute it to your creditors for you. The primary advantages of this route are a reduced interest rate and one month to month installment.