If someone giving you financial advice stands to make money from the choice they’re recommending, that doesn’t necessarily mean the advice is wrong. But it’s something you probably want to know before taking it.

That common sense should apply to the debate over how Americans get out of debt.

The American Financial Services Association (AFSA), which represents banks, finance companies, and other high-interest lenders, has been attacking debt relief, an option designed to help people reduce what they owe.

Maybe AFSA believes consumers would be better off paying their full debt with high interest. But there’s an obvious question that deserves more attention: What’s in it for the lenders?

Debt relief is a mechanism for consumers to resolve unsecured debt, whether it’s credit card balances, medical bills, or personal loans. For many debt relief customers, relief begins as soon as they settle their first account, and the savings continue with each subsequent settlement. The results can be meaningful: consumers reduce enrolled debt by an average of nearly 32 percent while saving $2.64 for every $1.00 spent on fees.

For lenders, however, there’s a catch. They profit by lending money and collecting payments on that debt. The longer their customers stay in debt, the more profit lenders make. Debt relief is designed to help people reduce what they owe and ultimately get out of debt.

This is because (gasp) the free market works: the more........

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