Debt Settlement is a Lifeline for Struggling Americans
It has been over a year since COVID-19 took hold of our nation. In that time, small businesses were shuttered, unemployment soared, and millions of Americans suffered tremendous financial setbacks. And, while several highly effective vaccines have come to fruition and we may be seeing the light at the end of the tunnel, many still have a long road ahead, exemplified in a survey released by McKinsey & Company that found over half of U.S. consumers do not expect their lives to return to normal until the latter half of 2021 or 2022.
However, Americans were struggling financially long before the onset of COVID-19, and this pandemic has only exacerbated what was already a serious undercurrent pulling at countless families. For years, millions have suffered beneath the weight of crushing loads of unsecured debt. Whether it stems from mortgages, student loans, medical bills, or credit cards, consumers across the nation are carrying tens – or even hundreds of thousands of dollars – in debt.
That is why I joined the American Fair Credit Council (AFCC) as CEO – to promote a phenomenally successful, consumer-centric pathway for Americans to regain their financial footing – debt settlement. In our industry, unlike any other in the financial space, results happen because we put the consumer and their needs first, tying struggling pocketbooks directly with our member companies’ interests. From the time they first reach out with a plea for help, our member companies are there for those looking for guidance and support they so desperately need to pay off their debt.
The AFCC has already taken several massive (and positive) steps in the new year, outlining a dynamic new approach to debt settlement. Along with our enhanced accreditation standards and commitment to consumers, the AFCC recently released the independent “2020 Regan Report,” which again proves that debt settlement is an effective debt relief option that saves American consumers, on average, $2.64 for every $1 in fees paid, with more than 95 percent of all clients realizing savings in excess of fees.
As the debt settlement industry continues to partner with clients to help them attain financial stability, we will continue in our role educating audiences and advocating for consumers and the debt settlement industry across the country. The AFCC member companies deliver a vital tool that has helped millions of Americans get back to financial freedom, many of whom may have otherwise never had the chance to do so, and we must keep the door open so that we can help millions more.
In my role as CEO, I am devoted to ensuring that consumers, policymakers, and regulators know that our industry is committed to providing an experience which protects consumers who are facing overwhelming debt.