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NOTICE: THIS IS ARCHIVAL CONTENT AND LIKELY OUT OF DATE.

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 company.

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.

About Debtco
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.



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