Freedom Debt Relief (FDR) settled a record $28.6 million in consumer debt during September, besting its previous month’s record by more than 5 percent.
FOR IMMEDIATE RELEASE / PRURGENT
SAN MATEO, CALIF., Oct. 14, 2009 -- Freedom Debt Relief (FDR) settled a record $28.6 million in consumer debt during September, besting its previous month’s record by more than 5 percent.
The settlements represent savings of close to $17 million on 5,207 accounts for FDR’s clients. Since the beginning of the year, FDR has settled $206.4 million in debt, saving $120.5 million on nearly 40,000 client accounts.
The results that FDR’s settlement team obtained in September represent an average savings rate of 58.7 percent of settled debt (total client debt balances at the time of settlement, before program fees). In other words, FDR clients paid an average of just 41.3 percent of the total debt amount they owed at the time of settlement, thereby saving millions of dollars.
Freedom Debt Relief negotiates directly with creditors on the consumer's behalf to resolve clients’ debts. Offering an alternative to credit counseling, debt consolidation and bankruptcy, FDR’s debt settlement programs help qualified clients resolve their debts, typically in two to four years. Debt settlement, explained Andrew Housser, co-CEO of FDR, “is best suited for individuals who are carrying serious debt, who are struggling to make required minimum payments, and who would otherwise often be considering bankruptcy or credit counseling.”
“We at Freedom Debt Relief believe that we have built the model for debt settlement companies today,” said Housser, “and we are proving that this model works.” The company’s employees, continued Housser, “are exceptional in dealing honestly and fairly with customers and meeting their needs with a program that works. It’s a winning combination – one with which we look forward to helping more people nationwide and continuing to see the business grow.”
"With unemployment and credit card charge-off rates still approaching 10 percent, we continue to see increasing interest in debt settlement as a way for individuals to restructure their debt,” said Housser. “More people are seeking out information about credit cards, credit scores and debt relief to help prepare for the economy’s eventual recovery.”
About Freedom Debt Relief (www.freedomdebtrelief.com)
Freedom Debt Relief provides consumer debt settlement services. Working for the consumer to negotiate with creditors and lower principal balances due, the company has served more than 60,000 clients since 2002. Freedom Debt Relief is a wholly owned subsidiary of Freedom Financial Network, LLC (FFN).
Based in San Mateo, Calif., FFN also operates offices in Sacramento and Tempe, Ariz. The company, with 550 employees, was voted one of the best places to work in both the San Francisco Bay Area and the Phoenix area in 2008. Company co-founders and co-CEOs Andrew Housser and Brad Stroh were named to the Silicon Valley/San Jose Business Journal's "40 Under 40" list in 2008, and are recipients of the Northern California Ernst & Young 2008 Entrepreneur of the Year Award.
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