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Burdened Consumers Are Learning How to Pay Off Debt Their WayWith revolving debt reaching close to one trillion dollars, consumers search for workable and affordable debt and credit relief. Dallas, TX: 17 August 2007 — Credit Solutions is providing a debt-relief program to allow consumers to pay off debts according to their financial situation. Clients can pay off debts their own way, which is a major incentive for debt-burdened Americans. Total revolving debt reached $903.9 billion, according to the Federal Reserve's report on consumer credit released on August 7. Economic conditions and other factors are preventing consumers from resolving their debt problems with traditional methods, such as debt consolidation loans and bankruptcy. Pressure from the subprime mortgage fallout has financial institutions tightening their lending standards, which means fewer consumers are able to obtain a debt consolidation loan. Bankruptcy has also become a less attractive option for debtors, since Congress levied additional restrictions in 2005 on who could file for Chapter 7 liquidation. As consumer credit increases and credit markets slump, debtors have found relief with Credit Solutions. The company's goal aims at getting clients debt free in only a few months by entering into negotiation with creditors to assist the repayment of debts. Credit Solutions is offering a way for consumers to elude other debt-relief programs and to pay off creditors in relation to their current financial ability. The company acts on the client's behalf to help resolve debt problems. "Many of our clients face significant financial hardships," said Heath Tudor, Credit Solutions’ marketing director. "We allow them to pay off debts their own way, which is a huge advantage for consumers who strive to live debt free," Tudor said. Debtors benefit from Credit Solutions' client-first program by funding debt at their own pace. The client begins the program by saving up and setting aside money to build up a settlement fund. Once clients accumulate enough funds, they direct the money toward a reduced-debt balance. Credit Solutions negotiates as a third party where the client and creditor can settle on a repayment amount. This allows clients to pay off debts faster and to manage their money easier than dealing with creditors themselves. Paying off debts the client's way is among the key incentives provided by Credit Solutions' debt-relief program. As debt levels continue to increase and personal savings decrease, many consumers are turning to Credit Solutions as the path to debt freedom. The company sets the industry standard in terms of customer service. J.D. Power and Associates recently recognized Credit Solutions for “An Outstanding Customer Service Experience” for their national call centers. J.D. Power and Associates awarded this distinction after interviewing thousands of customers. Credit Solutions helped its clients settle more than $25 million of debt in May, an industry record. Credit Solutions is a member of the Greater Dallas Chamber of Commerce, the American Bankers Association and the United States Organizations for Bankruptcy Alternatives (USOBA). It recently received the prestigious J.D. Power and Associates recognition for “An Outstanding Customer Service Experience” for their national call center operations. For J.D. Power and Associates Certified Call Center ProgramSM information, visit www.jdpower.com.
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