Henry Ford’s quote is right because every situation, we face needs to be viewed in small pieces.
You need to understand what credit scoring is and how it is used by lenders before considering debt settlement as a way out of your current financial situation. We need to break down what our credit score means and how it is used when measuring the credit worthiness of the consumer.
•    Do you monitor your score on either a monthly or quarterly basis?
•    Did you know that your credit score changes every month?
•    Do you know your credit score? The credit score range can be from300 to 850
•     Did you know that income is not considered by the major credit bureaus when calculating a credit score?
•    The lower your credit score, lenders may deny credit and charge higher interest rates
The credit score is a mathematical figure which takes into account, the  following factors but not limited to :
•    Number of accounts, either secured or unsecured
•    Length of credit history
•    Credit Limit
•    Highest Balance
•    Payment History
•    Usage
•    Public Records, i.e., tax liens, judgement, bankruptcy
One of the first question always asked is will debt settlement affect my credit score? Yes, in the beginning as your accounts start to go delinquent your credit score will drop.  However, once we start settling up your accounts and your debt ratio starts to improve, you will notice your credit score starting to go back up. Again, you should be aware that your credit score will change monthly whether you are in a debt settlement program or not.
A bankruptcy will be shown on your credit report for 10 year and will continue to drag down your credit score.  While delinquency will also affect your credit score but only for a shorter period of time. By using a debt settlement program, you will be able to start reducing your credit balances and will be showing lenders your willingness to pay your obligations.
As you paid off your debt, your credit score will start to improve and allow you to move forward.  You will stop having feelings of being so “lost” with your finances. Because you will now be in complete control of your financial future.

This information is of general interest and not legal advice.  If you need professional advice seek the services of a professional or attorney.