You need to consider certain basic things before you choose debt settlement as the way to get rid of your debts. Debt settlement may not be the right option for all people troubled by debts. You need to ensure that your settlement payment eliminates your debt completely. Sometimes, another collection agency may be assigned to collect your remaining part of the debt.
If your debt settlement results in a saving of more than $600, then the IRS will levy taxes from you for that saved amount. Another very important thing you should take care of is that whether or not your debt is marked on your credit report. If you do not find your debt on your credit report, then there is no need to go for debt settlement.