Debts are one of the most common problems faced by consumers today. These debts can be of various types including loans, credit card bills, mortgages and various other dues and pending bills. Non payment of these often results in multiple debts which are piled on with high rates of interest. The interest rates make the debt amount very huge and most of the times debtors are unable to pay the same. Multiple debts and delay in payments also results in poor credit scores. There are three main solutions for getting out of these debts. These include debt consolidation, debt settlement and bankruptcy, with bankruptcy being the last option for settling debts.