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Americans for Consumer Credit Choice, a membership organization comprised of consumer finance businesses, has sponsored an interesting research study on the Debt Management industry.
Conducted by the Cox School of Business at Southern Methodist University this report studies the true, if any benefit to debt management versus more traditional consumer credit counseling. Since the ACCC looks like a relatively new organization and the report seemed to be fairly self-serving I was a bit suspicious of its efficacy.
However, I was pleasantly surprised with the depth of the analysis and the richness of the data. Here are a couple of conclusions that I found interesting:
“The debt settlement company generates tremendous value to its clients, as more than 57% of the clients have offers to settle at least 70% of their original debt, and almost 30% have settlement offers for at least 90% of their original debt.”
And
“The debt settlement company has an increasingly higher value to customers with higher account balances and higher total debt, but lower number of accounts.”
The report is definitely worth a read if you are in the debt settlement business. This report might also be a good piece of information to provide to new debt clients, as they are making their choice between consumer counseling and debt settlement.
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