Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.

Bankruptcy is by no means game over for your financial life — there are steps you can take to begin rebuilding your credit and eventually, your overall financial health.

There are many misconceptions about credit scores out there. Every time you apply for credit, apply for a job that requires you to handle money, or even apply for some apartment living, your credit score it checked.

If your in debt, you must devise some plan to get out of the red. You can declare bankruptcy (Chapter 13 or Chapter 7), but that will tarnish your credit and financial records. An alternative is the wage earner plan — which allows you to meet your debts methodically without bankruptcy.

The U.S. Bank Secured Visa Card, which is from a large bank, usually have the best credit card terms. Your security deposit can range from $300 to $5,000 and you earn interest on it, which is excellent. The fine print notes that your application could be denied if you’ve had a bankruptcy, are less than 18 years old, or if your security deposit is less than $300 to start.