Debt Settlement is a financial process where a person negotiates with their creditors to reduce the total amount of debt owed. This often involves making a lump-sum payment that is less than the full balance, allowing the debtor to pay off their debt more quickly and at a lower cost. It can be a helpful option for those struggling to keep up with payments and seeking relief from overwhelming financial burdens. However, Debt Settlement can have drawbacks, such as negatively impacting a person's credit score. Additionally, not all creditors may agree to settle, and there may be fees involved with using a debt settlement company. It's essential to weigh the pros and cons before pursuing this option.