Whenever you see the term "debt settlement" it creates some type of controversy - either "its a scam" or "I tried it and it made my problems worse" or some ad promising "get out of debt and save 50% or more".

Lets set the record straight: debt settlement is a legitimate debt relief option for certain situations. It's not an easy way to get out of paying what you owe. It's not an easy way to reduce your debt just because you went crazy with the credit cards. But for those who are getting way behind in their payments, it's potentially a very real way to avoid bankruptcy and save you from financial ruin.

But there's a problem.

Most of the companies out there don't tell you the truth. They just try to sign up anyone with some debt. Then start charging outrageous fees. Don't explain to you how debt settlement really works. Then when the process starts causing you some pressure, you back out.

By then, they've got their money. And you've got nothing but more debt.

BUT......

It doesn't have to be that way. There are debt settlement companies that won't rip you off. But instead they will properly educate you. And will help you get real results. If you really fit the profile of someone who can benefit from settling your credit card bills.

So, how do you find honest advice about debt settlement?

As I state over and over again, do your homework!

• Ask lots of questions
• Get everything in writing before you send in any payments
• Actually read what you are signing (and ask more questions if you don't understand)
• Check references, check the BBB rating
• Shop around and compare companies & their fees
• Above all, realize that this is NOT an easy way to get out of debt and avoid paying what you owe

If you choose not to do any research, prepare yourself for a very stressful experience!

SERIOUSLY NOW - Are there really people out there who think there's some easy way to get the banks to ignore the $48,000 in debt they've built up over the last few years and just say "Hey, it's ok Bob, we'll just forget how much you owe us and let you pay if off for only $16,000 and save 66%, just because you're a nice guy". I guess so.

Sadly, stories like these don't get any good publicity. All you read about are the stories about poor old Bob from some little town who got ripped off.

P.S. Shameless plug: Here's one of the pioneers of the debt settlement industry, a true expert in the field - Charles Phelan, owner of ZipDebt.com. Read for yourself the results he's helped consumers achieve the last few years.

If you've had success with another company, let us know in the comments below.

Throughout my childhood and well into my adolescence, my parents struggled with debt of all kinds, especially credit card debt. Witnessing them go through such money travails, I told myself early on that I wouldn't make the same mistakes they did. Although I feel as though I would have been much better off had they not made these debt-inducing mistakes in the first place, I think, in the end, that had I not witnessed their mounting debt myself, I would not have realized what a danger credit card debt can be.

While most of my peers in college excitedly nabbed credit cards when the going got tough--as it inevitably does as a college student--I simply did without. Of course, this can be difficult when all your friends want nothing more than to go out to eat or drink constantly, but in the end, it paid off. Still, since credit cards are so tempting during those college years, when adolescents get their first taste of "freedom", I think it's absolutely critical that parents teach their children about responsible finances very early on. Here are a few tips.

1. Talk to your kids about credit cards before they go to college.
   It's better to talk often and talk early about the pros and cons of credit cards. College students aren't a particularly responsible lot, or at least not yet, so suggest to them that it's better to wait until after college, when they have the resources and presence of mind to pay them off every month.

2. Don't send your college kids money if they run out.
   It sounds cruel, but in the end, it will teach them how to budget. Determine before your kids head off to college how much money they may need for books and personal expenses. While it's okay to be a bit more flexible during your kid's first semester in college, when both of you are still trying to figure stuff out, put your foot down later. College is the time to learn the art of saving and resourcefulness, so that they'll be fully prepared once out in the real world.

3. Practice accounting of expenditures with your child.
   This is one habit that I never learned early and I struggled with later on in life. Show your child how to keep a log of every purchase they make, so that they have an accurate, instant idea of how much they've got in the bank. Relying on online statements only sets you up for over-drafting, and this is something I certainly learned the hard way.

In the final analysis, getting out of debt is tough but doable. It's far easier to never accrue debt in the first place. Even if you already made those critical mistakes for which you are paying dearly now, help out the next generation. Don't let it happen to them.

This guest post was contributed by Jena Ellis, who writes on the topics of Online Certificate Programs. She welcomes your questions and comments at her email Id: jena.ellis20@gmail.com.