As Consumer Debt Expected to Rise, Debt Settlement Industry Launches Consumer Debt Relief Initiative (CDRI)

WASHINGTON, January 14, 2021 / PRNewswire / – Today, the debt settlement industry announced the launch of the Consumer Debt Relief Initiative (CDRI), a coalition of debt relief industry experts advocating for the An important debt settlement option that remains accessible to consumers burdened with high interest, unsecured debt. A powerful voice for the debt settlement industry, CDRI will proactively respond to legislative threats that weaken or prevent consumers from accessing this vital debt relief option, often forcing them to default or default. going bankrupt.

In states like California, new York, and North Carolina, lawmakers have already targeted debt settlement, prompting CDRIs launch with special emphasis on bringing together a group of industry leaders dedicated to helping consumers modernize the industrys advocacy efforts and promoting the voice of real consumers who have benefited from debt settlement. CDRI will focus on educating the public about this often misunderstood method of debt relief and telling the story of debt settlement as an essential tool for hundreds of thousands of struggling families. financial. The professional association will ensure that debt settlement remains the only choice for American consumers outside of bankruptcy to reduce the amount of debt they owe creditors, in addition to keeping companies from settling the debt. responsible debt to consumers.

As a result of COVID-19, consumer debt is increasing. Over 20 percent of Americans have increased their credit card debt since the start of the pandemic. Planned spending increases are expected to increase demand for debt settlement services by 75% in 2021. CDRI is led by a group of industry professionals dedicated to providing financial solutions to struggling consumers, including the founding president. Thomas gordon, who is CEO of Maryland-based ClearOne Advantage, one of the United Statesthe biggest debt settlement companies. Under his leadership, the CDRIIts members already include dozens of business leaders and debt settlement experts.

Millions of Americans are drowning in debt, and they need the opportunity to pay off their debt to be safe, ”Gordon said. By launching CDRI, we can ensure that these consumers are able to maintain control of their path to financial recovery, while protecting them from bad legislation that could eliminate debt settlement as an option. The more consumers we have going into debt, the stronger our economy, and this will only be possible if debt settlement remains an option for consumers. “

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SOURCE Consumer Debt Relief Initiative

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