However it's marketed, locally, nationally, or thr...

However it's marketed, locally, nationally, or through the mail, debt settlement is debt settlement. You intentionally stop paying for long enough that someone can negotiate with your creditors. I don't know how often it results in a lawsuit or other serious impact, but breaking something worse to then fix it is daunting. It's not a scam, but it is scary.

Bankruptcy is a good option for lawyers trying to sell that. Not a good option if you own a property with equity, have a small business that needs insurance at manageable rates, need to rent an apartment, need backgrounds check for work, etc.

People stay in debt because the options to deal with it really do suck. You could do debt management, where you are treated for your spending addiction. Not much different than AA. Probably ok for some people.

As for Finance Solutions, I've spoken with them twice. What they are offering is the same as what local attorneys in my area offer. They are personable enough. I can't do such a plan because of the impact it would have on my small business.