The debt settlement industry has been rising in the past years. This is due to the inability a big number of consumers to settle their debts. Unsecured debts such as medical bills and even credit card debts rank high in the list of debt collections. Student loans, mortgages and auto loans are on the top of the list especially as the changes in financial circumstances are somewhat unpredictable. In recent surveys, two out of 10 Americans say that they are allocating 50-100% of the money they earn for debt repayment. And the sad reality is that one in 10 Americans say that they will be living the rest of their lives trying to repay their debts. Even if the same survey says that 53% of Americans want to reduce their debts and are making it their priority, the average personal debt increased from $37,000 in 2017 to $38,000 in 2018 and is continually rising. The numbers are showing that Americans desire to get out of the debt trap but is at the same time, digging themselves deeper into the debt hole. Because of these staggering numbers, majority of Americans believe that it is challenging to break the cycle of spending and getting into debt. Saving for the future is desired but they feel at a loss on how to start. Here is where the business of having an advisor comes in handy. To those who were surveyed, 67% believe that if they have a financial advisor who can help them consolidate and settle their debts they are more likely to have a clearer plan on saving for the future as compared to the 44% who do not seek for financial advice. With over 30 million Americans who have at least one outstanding debt in for collection, the number of debt collection and debt settlement agencies will continue to rise. People are slowly realizing now that getting the services of these agencies can help them steer towards a debt-free life. They will not only be able to start repaying at the amount they can afford, but can also start changing their mindset about their financial health and why they are spending the way that they do. Lawsuits with regards to debt is now on the rise and that is causing a lot of emotional stress to the average Joe who is heavily in debt. But the good news is that there’s a lot of options available for those who seek to get out of debt.