A debt settlement program is a process in which an individual or organization negotiates with a creditor to reduce the amount of debt owed. This is typically done when the debtor is unable to make full payments on their debt and the creditor is willing to accept a lower amount in exchange for the debt being settled. The goal of a debt settlement program is to reach an agreement that benefits both the creditor and debtor, allowing the individual to become financially stable and free from excessive debt.