Financial Services News
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Original editor for Send2Press: Christopher L. Simmons
Debtco's Program To Pay Off Credit Card Debt Saves Consumers Nearly $20 Million In 2003
SAN DIEGO, Calif. - April 12, 2004 /Send2Press Newswire/ -- Debtco, Inc. (www.debtco.com), the San
Diego-based financial services company that enables consumers with hardships to overcome excessive
credit card debt, today announced its clients saved $19.8 million in 2003 while providing creditors
payments instead of write offs.
"There's no magic solution to beating credit card debt. But through hard work, discipline and changing
the behavior that got you into trouble, you can face your problems with creditors and take the
honorable alternative to bankruptcy," said Nicolas De Segonzac, president and CEO of Debtco. "For
creditors, the up-side is they are provided with a lump sum settlement from individuals who would
otherwise default on their unsecured debts."
Debtco's three-year program includes debt mediation and a financial education boot camp for individuals
with severe credit card burdens due to hardships, such as illness, divorce, the loss of a spouse, job
loss or reduction in salary, that has put them on the verge of bankruptcy.
Founded in 2000, last year represented Debtco's first graduating class, with 465 individuals completing
the three-year program and avoiding bankruptcy. If shorter term programs are included, more than 700
clients have successfully negotiated to pay off their debt with Debtco's help since the founding of the
Over the past three years, Debtco has resolved more than $70 million dollars in debt on behalf of its
clients and paid out more than $35 million to creditors. The company has nearly 5,000 clients
nationwide. Debtco is not a credit counselor, debt consolidator or credit repair organization.
Debtco offers an honorable and effective alternative to personal bankruptcy. The company's three-year
program combines debt mediation and education to help consumers with hardships overcome excessive
credit card debt and ensure they manage credit responsibly in the future. Headquartered in San Diego,
Debtco enables clients to settle with creditors, providing lump sum settlements instead of chargeoffs.
Debtco is not a credit counselor, debt consolidator or credit repairer. For more information visit
www.debtco.com or call 1-800-471-8203.
Organization Website: www.debtco.com
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