RICHARDSON, TX, July 18 / MARKET WIRE/ --
Debt management market leader, Credit
Solutions, recently broke an industry record by settling $33 million in
debt in June. This achievement contributes to the company's total debt
retirement of more than $600 million.
Nationwide, debt hit a record high of $957 billion in April, up from
approximately $800 billion four years ago. Consumer bankruptcy filings
have increased by more than 30 percent over the past year.
High energy costs and food prices are further highlighting the concerns of
potential debt. Credit card use is growing at the fastest rate in years
since people are leveraging debt for big ticket items and also using their
credit cards at the supermarket and gas pump. Compounding the problem,
traditional debt management tools like home equity loans are not as readily
"The days of debt consolidation loans and high-interest lines of credit are
coming to an end," says Heather Carmichael, vice president of operations at
Credit Solutions. "Customers are no longer looking to just move their debt;
they are looking for real help in eliminating it."
Carmichael says Credit Solutions is working to set the new standard in the
debt management industry by focusing on a key business factor that is not
so new -- the customer.
Credit Solutions has assisted approximately 150,000 customers in canceling
millions of dollars of debt. They currently manage more than $1.75 billion
of debt for their customers and in the past year have eliminated more than
$275 million in unsecured debt.
Recently, Credit Solutions introduced multiple new technologies and
continued to build strong relationships with banking partners.
Additionally, the company has lobbied for changes to legislation aimed at
helping consumers alleviate debt and has filed patents for innovations
designed to expedite debt management.
"What differentiates us from other debt management companies is our
relentless focus on our customers," says Carmichael. "Ultimately, we do
more than just eliminate debt; we relieve credit-anxiety and prepare our
customers on how to remain debt-free moving forward."
About Credit Solutions
Credit Solutions is the largest for-profit debt management company in the
Credit Solutions has received the JD Power and Associates award for
"Outstanding Customer Service" and has been recognized by American Business
Awards for the "Best Customer Services Department in Financial Services."
For more information about the Credit Solutions and its debt management
program, visit http://www.creditsolutions.com.
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