Leadpile’s Blog

As more and more consumers are increasingly finding themselves in the unfortunate situation of dealing with higher interest rates and other fees as credit card companies respond to delinquencies, there will be an even bigger opportunity for Debt Consolidation and Debt Settlement Companies to gain market share. This past January, the average debt on credit accounts and fixed-payment accounts such as auto loans climbed to $16,600, up from $15,500 last April, according to the credit reporting agency Experian. Over the same period, the average number of accounts per individual that are overdue by one payment has increased. As gas prices continue to increase, and more people go delinquent, the demand for assistance with debt will increase. Good time to be in the debt consolidation business!

According to a study released by Bankrate, Inc. in February 2008, 66% of Americans say debt is often the result of unfortunate circumstances beyond a person’s control, while 60% say it is usually the result of bad decisions. In addition, 64% of the people polled who carry debt admitted that debt is a cause of worry for them. While there is a difference between bad debt, and good debt, people have more debt than ever before. A combination of bad debt, and increasingly higher debt loads means more people will need of a debt consolidation or settlement solution than ever before. There is currently an open corridor opportunity for the debt consolidation or debt settlement company who can position themselves as the market leader.