DALLAS, Texas - (Business Wire) Credit Solutions settled $23,353,425.15 in consumer debt during September 2009, saving $13,404,866 on 3,936 client accounts at a 42.6% average settlement offer percentage rate. In other words, consumers for whom Credit Solutions negotiated $23,353,425.15 in settlement offers with creditors last month paid off their credit cards at 42.6% – less than half of the total amount of debt they owed. For instance, if a consumer owed $10,000, he would have opportunity to settle the account for $4,260, a $5,740 savings.
“For the third month in a row, Credit Solutions’ settlement percentage rate has been lower than our advertised rate of 50%,” said Credit Solutions CEO Doug Van Arsdale.
Settlement companies like Credit Solutions act on consumers’ behalf, negotiating directly with creditors to facilitate repayment of consumer debts at a reduced percentage of the total owed. Upon completing a debt settlement program, all of the consumers’ debts included in the program are “settled,” or resolved with zero balances.
Two recently published academic studies found that debt settlement provides the greatest consumer welfare of any debt-relief approach, calling it part of the healing process to get distressed U.S. households back on sound financial footing.
Since its 2003 inception, Credit Solutions has assisted more than 250,000 U.S. clients in becoming debt-free, settling more than $1 billion total of consumer debt. Debt settlement increasingly offers benefits to consumers as the most immediate form of debt relief available in today’s tenuous economy.
About Credit Solutions
The nation’s debt settlement industry leader, Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services" and won a 2009 Red Herring 100 North America Award for its custom online technology. A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com. En español: http://espanol.creditsolutions.com/. Follow us on Twitter at www.Twitter.com/smartsavingtips
Credit Solutions
Bronwen Walsh, 972-763-7441
press@creditsolutions.com
