Credit Solutions Settles $29.5 Million In Consumer Debt During June at 51%

DALLAS, Jul 01, 2009 (BUSINESS WIRE) -- Credit Solutions settled $29,544,297.81 in June 2009, saving $14,291,563.27 on 4,885 client accounts - a 51% average settlement offer percentage rate.

"The offer percentage rate is the difference between the actual amount owed and the amount of savings we obtained for clients," said Credit Solutions CEO Doug Van Arsdale. "That is, Credit Solutions customers resolved their debts by paying an average 51% of what they owed."

"Of $29.5 million in unsecured client debt, our Settlement Advisors obtained $15 million in settlement offers from creditors this month alone, which is testimony of their strong negotiating skills as well as our company's leverage with creditors," which does not include the value for any term settlements, Van Arsdale said.

Settlement companies act on behalf of consumers, negotiating directly with creditors to facilitate repayment of consumer debts at a reduced percentage of the total amount owed. In return, consumers generally pay a monthly service fee. Upon completion of a settlement program, all of the consumer client's debts included in the program are "settled," or resolved with zero balances.

Perhaps the greatest benefit of debt settlement - a rapidly growing service industry in today's economy - is it gives consumers a chance to start over debt-free and develop long-term saving habits.

"We view ourselves as financial coaches," Van Arsdale said. "We settle approximately $30 million in unsecured debt every month, backing our clients with our industry knowledge and a tremendous amount of buying power that we have with these creditors."

Since its 2003 founding, Credit Solutions has settled more than $970 million in unsecured client debt and currently manages $2.25 billion of consumer debt for nearly 100,000 U.S. clients.

About Credit Solutions

The U.S. settlement industry innovator, Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services" and won a 2009 Red Herring North American Award for its innovative, online technology. ISO 9001:2008 certified for standardized business practices, Credit Solutions is a charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA) and accredited through BSI Management Systems for compliance with USOBA Best-Practice Standards. For more information about Credit Solutions' award-winning debt settlement program, please visit www.creditsolutions.com.

SOURCE: Credit Solutions

Credit Solutions
Bronwen Walsh, 972-763-7441
press@creditsolutions.com