Freedom Debt Relief (FDR) settled a record $27.2 million in consumer debt during the month of July, saving more than $16 million on 5,200 accounts for its clients. In the first seven months of this year alone, FDR has settled $152 million in consumer debt, saving $88.5 million on nearly 30,000 client accounts.
FOR IMMEDIATE RELEASE / PRURGENT
SAN MATEO, CALIF., Aug. 21, 2009 -- Freedom Debt Relief (FDR) settled a record $27.2 million in consumer debt during the month of July, saving more than $16 million on 5,200 accounts for its clients. In the first seven months of this year alone, FDR has settled $152 million in consumer debt, saving $88.5 million on nearly 30,000 client accounts.
The results that FDR’s settlement team has obtained represent an average settlement rate of 41.8 cents on the dollar, or an average savings of 58.2 percent on settled debt (total client debt balances at the time of settlement, before program fees). In other words, FDR clients paid an average of just 41.8 percent of the total debt amount they owed at the time of settlement, saving millions of dollars.
Freedom Debt Relief negotiates directly with creditors on the consumer's behalf to resolve a consumer’s debt balance. Offering qualified clients an alternative to credit counseling, debt consolidation and bankruptcy, FDR’s debt settlement programs help 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.
"More people are turning to restructuring their debt through debt relief programs as the economy remains stalled," said Housser. "With unemployment and credit card charge-off rates both approaching 10 percent, we are seeing rapidly increasing demand for debt advice and counseling. More people are seeking information about credit cards, credit scores and debt relief to help set their course."
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.