The debt settlement industry has been like a sports car; this car has been sometimes cruising at a very high speed and sometimes the gear has been shifted and the car moves at a slow pace. When the debt settlement industry came into being; it traveled like a new car. It was like by the public and many used this industry for their aid but the speed of the growth of industry was halted because the creditors were not quite satisfied with the industry.Keeping the creditors in mind and the growth of the industry; the government issued a bailout plan; this plan stated that if a creditor allows his client to use this method he would be subsidized with the amount of money he has lost by allowing his debtor to use this method. This plan worked out like new engine oil or the industry and the industry started growing faster day by day. The industry was doing quite well until there were new firms entering the industry.New firms entered the industry with intent to make profits but all these firms did not have clear intent. Some of these firms had made a plan to make profits with the aid of illegal practices. These firms started using illegal practices such as cheating their clients by charging them without providing any services and later running away without providing any services at all. Some were even indulged in illegal practices and these practices made the matters worse for the consumers of this industry.The illegal practitioners worked like old engine oil and the performance and the growth of the industry was once again halted and it started falling down. New oil for the engine was very important; this was because it was felt that the industry will no longer be of any aid. The government decided to pore in new engine oil in the industry and they made a new law for the industry. According to this new law the consumers of the industry will not be charged until their cases have been negotiated by their settlement firms.The oil change worked for the industry; the illegal firms started leaving the industry and the industry once again started moving up at a fast pace. Today the industry seems to be quite lucrative for those who want to solve liability issues and for even those who want to pursue a legal career in this industry.