Debt settlement means the conclusion of the debt or the refund of debt or payment of debt.
The word Debt means to borrow money form others (creditors). The creditor gets interest or benefit for giving loans to Debtors. Debtor has a contract with the creditor that he will give the borrowed money after a certain period of time with certain interest for the creditor. If the creditor is satisfied with the contract then he lends money to debtor. Debtor uses this debt for his ultimate needs. When the time is occur the debtor has to pay to the creditor.
The process of paying to creditor for the debt is called debt settlement. Debt settlement is nothing but payment of the loaned money to the creditor. Debt settlement process may sometime hard when a debtor failed to pay his regular payment of the debt or failed to pay the monthly or annual interest or other factors. In this case the debt normally finds professional to settlement of his debt.