Debt Settlement Industry Proves Value to Creditors


Press Release
September 3, 2009

MADISON, Wis. - As credit card companies are experiencing their worst credit losses in decades, debt settlement companies continue to demonstrate that they provide a valuable service, not only to consumers but also to creditors, as the industry returned more than $2.2 billion in consumer debt last year, The Association of Settlement Companies (TASC) announced today.

As a result of rising unemployment, and a growing number of complaints against creditors and collectors for aggressive and sometimes illegal collection practices, more consumers are seeking the services of reputable debt settlement companies, like those that are members of TASC.

 

"Our member companies are trained and skilled at working with multiple creditors on behalf of consumers," Chris Kesterson, president of TASC, said. "At the same time, we're surprised some creditors like credit card companies are turning their backs on hundreds of millions of dollars immediately available to them to settle these accounts. Consumers are saying to their creditors, 'we want to pay'."

 

TASC's research shows more than $500 million in settlement funds saved by consumers are available to credit card companies today. This is an important finding as the credit card industry charge-off rate now exceeds 10 percent.

 

In addition, bankruptcy filings in the United States now exceed 6,000 per day, according to a report from Automated Access to Court Electronic Records. Debt settlement provides consumers with a three-year plan to get out of debt without the 10-year stain of bankruptcy on their credit report. Consumers avoiding bankruptcy ultimately helps creditors as well.

 


First Name*
Last Name*
Email*
Phone *
Best time to call*
State*
Unsecured Debt*
Days Behind*





"After losing my job a few months ago I just couldn't catch up.  And with the interest and finance charges, I felt trapped.  TFC Debt Solutions is getting me back on track."
"Between the back taxes and medical bills, I could barely afford to keep up with payments to the credit card companies too.  TFC made me feel comfortable with their process and I can't believe how much money I've saved already.  I don't know where I'd be without them."
"I was really worried I'd never get my debts paid off.  TFC gave me a savings plan that I can afford.  I'm finally able to sleep at night again.  Thank you guys!"