Freedom Debt Relief Settles $1 Billion in Consumer Debt

SAN MATEO, CALIF., December 18, 2010 – Today, Freedom Debt Relief (FDR) will become the first debt resolution company in the country to reach $1 billion in cumulative debt it has resolved for clients.

"The achievement of obtaining $1 billion in settled debt – not just offers, but completed settlements – for consumers is positive proof of FDR's ability to assist individuals who are in serious debt," said Andrew Housser, CEO of FDR. "From truly humble beginnings, FDR has maintained its singular commitment to save as much money as possible for each client who turns to the company for debt relief."

To mark the landmark occasion, FDR will award a $5,000 savings bond to the individual client whose settled debt hits the $1 billion mark for the company. "We are using this milestone to provide one additional way of helping a client who is working his or her way out of serious debt achieve a fresh start," said Housser.

Working with nearly 100,000 clients since 2002, FDR has reached the $1 billion mark, in face value of debt settled, by negotiating settlements on 188,000 individual creditor accounts for its clients. "The results indicate that our debt counselors' efforts to help consumers find the best program for their individual situations are working exceptionally well," said Housser. FDR is currently resolving approximately $40 million in debt each month, and expects to settle an additional $500 million in debt for its clients in 2011.

FDR is an independent consumer advocate that negotiates directly with creditors on consumers' behalf to resolve the consumers' debt balances. Offering an alternative to credit counseling, debt consolidation and bankruptcy, FDR's debt settlement programs help qualified clients resolve their debts, typically in 24 to 48 months. According to Housser, debt settlement is best suited for individuals who are carrying serious debt, are struggling to make required minimum payments, and would otherwise often be considering bankruptcy or credit counseling.