Freedom Debt Relief Resolves $122 Million in Consumer Debt During First Quarter

Freedom Debt Relief (FDR) resolved nearly $122 million in consumer debt during the first quarter of the year.

"To date, FDR has resolved more debt than any other company in the country, and with these first-quarter results, is on track to maintain that position in the industry," said Andrew Housser, the company's co-founder and CEO. "The results we have attained for our clients, helping them work their way out of debt, are proof of FDR's abilities in resolving serious debt." The company achieved the first-quarter results by negotiating resolutions on 17,993 individual creditor accounts.

Several thousand of the creditor accounts that FDR resolved in the quarter were from the company's Fresh Start program, implemented just six months ago. The program, which fully complies with the Federal Trade Commission rules regulating the debt relief industry that took effect last fall, ensures that consumers pay no up-front fees, and that FDR collects only the fees associated with an individual debt when it has resolved that debt.

"These early results confirm that Fresh Start will be one of the most effective debt relief programs available to consumers, and that FDR continues to be a strong market force," says Housser.

FDR is a consumer credit advocate that negotiates directly with creditors on consumers' behalf to resolve debt balances. Offering an alternative to credit counseling, debt consolidation and bankruptcy, FDR's debt resolution programs help qualified clients resolve their unsecured debts, generally in 24 to 48 months. According to Housser, debt resolution 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.

Working with nearly 100,000 clients since 2002, FDR reached the $1 billion mark in face value of debt resolved last December by negotiating resolutions on 188,000 individual creditor accounts. FDR expects to resolve close to $500 million in debt for its clients in 2011.