WASHINGTON, Jan. 14, 2021 /PRNewswire/ -- Today, the debt settlement industry announced the launch of the Consumer Debt Relief Initiative (CDRI), a coalition of debt relief industry experts advocating for the important option of debt settlement remaining available to consumers burdened by heavy amounts of high-interest, unsecured debt. A powerful voice for the debt settlement industry, CDRI will proactively respond to legislative threats that would weaken or prevent consumers from accessing this vital debt relief option, oftentimes forcing them into default or bankruptcy.

In states like California, New York, and North Carolina, legislators have already targeted debt settlement, prompting CDRI's launch with a particular focus on bringing together a group of industry leaders dedicated to helping consumers, modernizing the industry's advocacy efforts, and promoting the voices of actual consumers who have benefitted from debt settlement. CDRI will focus on educating the public about this often-misunderstood method of debt relief and telling the story of debt settlement as an essential tool for hundreds of thousands of families in financial hardship. The trade association will ensure that debt settlement remains the only choice for American consumers outside of bankruptcy to reduce the amount of debt they owe to creditors, in addition to holding debt settlement companies accountable to consumers. 

As a result of COVID-19, consumer debt is spiking. More than 20 percent of Americans have added to their credit-card debt since the onset of the pandemic. Projected spending increases are expected to expand the demand for debt settlement services by 75 percent in 2021. CDRI is led by a group of industry professionals dedicated to providing financial solutions for struggling consumers, including founding chairman Tomas Gordon, who serves as CEO of Maryland-based ClearOne Advantage, one of America's largest debt settlement companies. Under his leadership, CDRI's membership already includes dozens of business leaders and debt settlement experts.

"Millions of Americans are drowning in debt, and they need the option of debt settlement to swim back to safety," said Gordon. "By launching CDRI, we can ensure that those consumers are able to maintain control of their path to financial recovery, while protecting them from bad legislation that could eliminate debt settlement as an option. The more consumers we have climbing out of debt, the stronger our economy is, and that will only be possible with debt settlement remaining an option for consumers."

For more information, please visit DebtReliefAdvocate.com.

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SOURCE Consumer Debt Relief Initiative