Debt Shield, Inc.
Debt Shield, Inc.

Consumers in Debt Find Hope During Troubled Economy

Despite downward turn in the economy, many consumers may be able to avoid bankruptcy if they qualify for debt settlement.

Columbia, MD, March 12, 2009 --( Representatives at Debt Shield, an award-winning debt settlement company, are stressing the need for greater awareness about debt settlement as a bankruptcy alternative as consumers struggle to pay off debts and banks struggle with mounting losses.

Debt settlement is an agreement between a consumer and their creditor to settle a debt for less than the balance owed. Banks often agree to a settlement when the consumer suffers a financial hardship and is no longer able to keep up with payments. These settlements help consumers and creditors at a time when soaring unemployment, rising charge-off rates, escalating numbers of bankruptcies and prevalent bank losses are making things difficult for both consumers and their creditors.

"A mutually agreeable settlement may be an ideal compromise for consumers who can no longer afford the minimum monthly payment," said Debt Shield CEO Phil Fewster. "Banks who cannot afford to continue losing money also benefit from settlements as more and more consumers turn to bankruptcy," said Debt Shield CEO Phil Fewster.

Fitch Ratings is reporting the unemployment rate has reached its highest since 1992, a fact that affects creditors as well as consumers. Charge-off rates are expected to reach 10 percent or higher, which will likely cut profits for major lenders in half.

"Debt settlement isn’t for everyone, but it can be a viable solution to overwhelming debt for consumers who qualify," said Fewster. "However, consumers who unsure of whether they should file for bankruptcy should consult a licensed attorney."

Debt settlement is a bankruptcy alternative that helps consumers out of debt by letting them repay less than they owe. For consumers who would prefer bankruptcy or still want to talk with a bankruptcy attorney, Debt shield offers a free outsourcing service to bankruptcy attorneys around the country should the consumer desire legal advice.

About Debt Shield:

Debt Shield, Inc., is an award-winning debt settlement company helping consumers resolve their unsecured debt through mutually agreeable, discounted settlements in consideration of the consumers’ legitimate financial hardships. By helping consumers avoid bankruptcy, Debt Shield provides a service for both debtors and creditors. For more information about Debt Shield, call 1-888-397-7546 or visit the website at

Debt Shield, Inc.
Maggie Beetz