An amount that is owed to the creditor, for funds or services borrowed by the debtor, is called a debt. Three terms that are mostly connected with debts are Debt Counseling or debt management in which a consumer is educated on how to avoid getting into stressful situations of unpaid debts. Debt Reduction or debt settlement is a process where a debtor can negotiate with his or her creditor to have the interest rates cut or provide more time to repay the debts.  Bad credit debt consolidation or Relief is a consumer’s debt, which is totally pardoned or renegotiated, when he or she files for bankruptcy. In today’s world, all the above mentioned three services are offered by financial institutions. Though there might be some minor differences from one organization to another, the basic concept is the same and can be attained from anywhere.