Debt Settlement Part of the Healing Process For A Sustai
Economic Recovery, New Academic Study Says
September 24, 2009 12:26 PM Eastern Daylight Time
DALLAS--(EON: Enhanced Online News)--Credit Solutions endorses a recently published academic white paper that says Debt
“the most immediate form of debt relief available to consumers in today’s tenuous economy” – and may even improve the odds for
economic recovery.
Written by Drs. Bernard Weinstein of Southern Methodist University and Terry Clower of the University of North Texas, Debt Set
Fulfilling the Need for an Economic Middle Ground is the second timely study of its kind documenting the consumer benefits of
form of debt relief that offers financially struggling consumers an alternative to filing for bankruptcy.
A leading settlement industry association, the U.S. Organizations of Bankruptcy Alternatives, published this new study, which is bein
to the public and to policy makers.
“Research such as this reiterates the pivotal role settlement companies play as consumers’ financial advocates,” said Credit Solution
Arsdale. “We at Credit Solutions commend the authors and USOBA for documenting how vital debt settlement has become in toda
Read new white paper in its entirety at http://www.creditsolutions.com. Key findings include:
l The great advantage of debt settlement over the alternatives is consumers can satisfy outstanding obligations while paying less
amount of their unpaid balances.
l There are several downsides to using credit counseling agencies. Most important, the total amount of consumers’ outstanding
reduced.
l Credit counseling agencies receive payments from both consumer and credit card companies. This additional payment, or “ki
creditors is a percentage of the payments creditors receive from consumers.
l Many credit card agencies have been hiking interest rates on outstanding balances, causing debtors to find themselves running
just to stay in place while the timeframe for paying off creditors is stretched out. Hence, some