Debt Industry Sales Has Changed and Been Revolutionized

Self Logix Inc has launched the new Virtual Self Enrollment Debt System, completely changing the way debt sales agents sell.

Newport Beach, CA, Self Logix Inc is pleased to announce that its new Self Enrollment Debt System (SEDS) has officially launched and is already in use by some of the strongest companies in the Debt Industry.
Through real time observation and feedback from hundreds of agent training sessions, Self Logix  found that business owners and sales managers alike were seeking a thorough, streamlined sales system for their sales agents. Costly floor time is repeatedly demanded from them, and in many cases, their time is spent on redundant questions that could be eliminated by an automated self enrollment debt system. For most, the cost of hiring a company sales trainer was not a desirable option, so they sought something more cost effective to resolve their sales challenges.
After countless hours of production, Self Logix has unveiled its new state of the art Self Enrollment Debt System. Early feedback has confirmed that manager's love the time it saves them during the initial hiring training stage of their operation. Now they can issue login credentials upon new hire, allowing each agent to hot the ground running, how it should be sold, and key disclosure concepts. Additionally, with closing percentages and retention rates increasing for their advanced agents, seasoned agents love it too.
Self Logix, has been a long time proponent of boosting sales results, yet with a focus on maintaining compliant disclosures to the consumer in the process. Often times cumbersome disclosures confuse sales agents causing them to either kill a sale or skim over them in a 'less than honest way.' Realizing the strong need for proper disclosure, yet knowing its potential to hinder the sales process, Self Logix developed a winning way to help sales agent's digest the language and effectively communicate to the consumer in an understandable and saleable way. All this is covered for the sales agents in the compliance modules included in the new Self Enrollment Debt System.
When Matt Shaubaum, Lead Training Director at Self Logix was asked how the new Self Enrollment Debt System will affect the way that Debt Solution is sold to consumers, he said "We're very excited to help Debt Settlement Companies improve their bottom lines, but in a way that is honest, ethical, and toes the line with compliance. Consumers need this service now more than ever, and we're doing everything we can to help companies grow by meeting consumer needs with the debt program, but in a way that helps the consumer understand the related challenges it will bring but why it is worth persevering to complete the program."
If you would like more information on how your company could benefit from implementing the Self Enrollment Debt System from Self logix, please contact 1-877-45-LOGIX. 1-877-455-6443

Credit card statistics & debt statistics

This page contains credit card statistics -- including statistics on credit card debt, credit card delinquencies. Compiled by the Self Logix staff. Statistics on this page will be updated regularly as we receive new or updated credit card data.  Some data may appear multiple times on the page because the information is applicable in multiple categories.

• Average credit card debt per household with credit card debt: $15,788
• Total U.S. consumer unsecured debt: $2.45 trillion, as of March 2010 (Source: Federal Reserve's G.19 report on consumer credit, May 2010)
• Total credit cards in circulation in U.S: 576.4 million, as of yearend 2009 (Source: Nilson Report, February 2010)
• Total debit cards in circulation in U.S: 507 million, as of yearend 2009 (Source: Nilson Report, February 2010)
• Average number of credit cards held by cardholders: 3.5, as of yearend 2008 (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
• Average APR on new credit card offer: 14.10 percent (Source: CreditCards.com Weekly Rate Report, May 2010.)
• Average APR on credit card with a balance on it: 14.67 percent, as of February, 2010 (Source: Federal Reserve's G.19 report on consumer credit, May 2010)
• Total U.S. revolving debt (98 percent of which is made up of credit card debt): $852.6 billion, as of March 2010 (Source: Federal Reserve's G.19 report on consumer credit, March 2010)
• U.S. credit card 60-day delinquency rate: 4.27 percent. (Source: Fitch Ratings, April 2010)
• U.S. credit card default rate: 13.01 percent. (Source: Fitch Ratings, April 2010)

Delinquency

• U.S. credit card 60-day delinquency rate: 4.27 percent. (Source: Fitch Ratings, April 2010)
• According to Fitch Ratings, the number of cardholders 60 or more days late on payments fell in January of 2010 to 4.50 percent. That number is flat year-to-year. Those 30 days late declined to 5.72 percent and is down 5 percent year-to-year. (Source: Associated Press, March 2010)
• According to Fitch Ratings, the number of credit card defaults hit 11.37 percent, the highest level since a record 11.52 percent in September 2009. (Source: Associated Press, March 2010)
• In the last 12 months, 15 percent of American adults, or nearly 34 million people, have been late making a credit card payment and 8 percent (18 million people) have missed a payment entirely. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• 26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent.  (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• Penalty fees from credit cards will add up to about $20.5 billion in 2009, according to R. K. Hammer, a consultant to the credit card industry. (Source: New York Times, September 2009)
• Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
• 72 percent of cards included offers of low promotional rates which  issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
• From 1989 to 2004, the percentage of cardholders incurring fees due to late payments of 60 days or more increased from 4.8 percent to 8.0 percent. (Source: Demos.org, "Borrowing To Make Ends Meet," November 2007)
• One-fourth of the students surveyed in US PIRG's 2008 Campus Credit Card Trap report said that they have paid a late fee, and 15 percent have paid an "over the limit" fee. (Source: U.S. PIRG, "Campus Credit Card Trap")
• When finances are tight, 59 percent of people would pay their credit card bills last. A majority -- 52 percent -- would pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source: CreditCards.com survey, December 2008)
• On average, today's consumers are paying their bills on time, with less than half of all consumers have ever been reported as 30 or more days late on a payment. Only three out of 10 have ever been 60 or more days overdue on any credit obligation. Seventy-seven percent of all consumers have never had a loan or account that was 90+ days overdue, and fewer than 20 percent have ever had a loan or account closed by the lender due to default . (Source: myfico.com)

Total debt

• Total U.S. revolving debt (98 percent of which is made up of credit card debt): $852.6 billion, as of March 2010 (Source: Federal Reserve's G.19 report on consumer credit, March 2010)
• Total U.S. consumer unsecured debt: $2.45 trillion, as of March 2010 (Source: Federal Reserve's G.19 report on consumer credit, May 2010)
• Average credit card debt per household with credit card debt: $16,007*
• Average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for U.S. households with credit card debt: $54,000. (That's down from $93,850 in 2008.)
• Average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for all U.S. households: $16,046. (That's down from $35,245 in 2008.)
• Total U.S. consumer debt (which includes credit card debt and noncredit-card debt but not mortgage debt) reached $2.45 trillion at the end of 2009, down sharply from $2.56 trillion at the end of 2008. (Source: Federal Reserve's G.19 report, March 2010)
• Total U.S. consumer revolving debt fell to $866 billion at the end of 2009, down from $958 billion at the end of 2008. About 98 percent of that debt was credit card debt. (Source: Federal Reserve's G.19 report, March 2010)
• The mean, or average, unpaid credit card balance last month was $3,389. The median is $90. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
• About 56 percent of consumers carried an unpaid balance in the past 12 months. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
• About 45 percent of consumers said their unpaid credit card balance had gotten "lower" or "much lower" in the past 12 months. Only 26 percent said it had gotten "higher" or "much higher." (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
• Slightly more than half of Americans -- 51 percent -- said that in the past 12 months, they carried over a balance and was charged interest on a credit card. (Source: "Financial Capability in the United States," FINRA Investor Education Foundation, December 2009)
• Total U.S. credit card outstanding through yearend 2009: $772.19 billion (Was $862.4 billion); By credit card company: Visa - $366.05 billion (Was $405.80 billion); MasterCard - $267.57 billion (Was $305.22 billion); American Express - $86.06 billion (Was $96.30 billion); Discover $52.51 billion (Was $55.08 billion); (Source: Nilson Report, February 2010)
• At the end of 2008, Americans' credit card debt reached $972.73 billion, up 1.12 percent from 2007. That number includes both general purpose credit cards and private label credit cards that aren't owned by a bank. (Source: Nilson Report, April 2009)
• Average credit card debt per household -- regardless of whether they have a credit card or not -- was $8,329 at the end of 2008. (Source: Nilson Report, April 2009)
• The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008. One year earlier, that average was $10,637. (Source: Nilson Report, April 2009)
• The average balance per open credit card -- including both retail and bank cards -- was $1,157 at the end of 2008. That's up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years. (Source: Experian marketing insight snapshot, March 2009)
• As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about $950 Billion. In the fourth quarter of 2008, 13.9 percent of consumer disposable income went to service this debt. (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
• "As household wealth has declined in the downturn, more American families are facing financial distress due to high debt burdens. In 2007, before the recession began, 14.7 percent of U.S. families had debt exceeding 40 percent of their income." (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
• In 2007, the average balance for those carrying a balance rose 30.4 percent, to $7,300. Meanwhile, the median balance -- meaning half owe more and half owe less -- for those carrying a balance rose 25.0 percent, to $3,000. These increases followed slower changes over the preceding three years, when the median increased 9.1 percent and the average climbed 16.7 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• In the fourth quarter of 2008, consumers over 60 had an average balance of $763 per open bankcard or retail accounts. A year before, that balance was $746. The year before that, it was $735 -- meaning the average has jumped about 4 percent in 2 years. (Source: Experian marketing insight snapshot, March 2009)
• In 2007, credit card balances made up 3.5 percent of the total debt for all U.S. families, including those with and without credit card debt. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• In 2007, fewer than half of U.S. families (46.1 percent) held credit card debt. That's virtually unchanged from 2004's 46.2 percent number. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
• Balances on bank cards accounted for 87.1 percent of outstanding credit card balances in 2007, up from 84.9 percent in 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Of the 73.0 percent of families with credit cards in 2007, only 60.3 percent had a balance at the time of the interview; in 2004, 74.9 percent had cards, and 58.0 percent of these families had an outstanding balance on them. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• "Total bankcard debt per bankcard borrower" is $5,710. This was alternately described as the total balance of bank-issued credit cards per consumer. (Source: TransUnion, December 2008)
• The average American with a credit file is responsible for $16,635 in debt, excluding mortgages, according to Experian. (Source: U.S. News and World Report, "The End of Credit Card Consumerism," August 2008)
• Among the 35 percent of college students with credit cards that do not pay their balances in full every month, the average balance is $452. This is down 19 percent from 2007. Moreover, this balance is approximately one-third the size of the average balance for active nonstudent young adult accounts and one-fourth the size of active accounts for older adults. (Source: Student Monitor annual financial services study, 2008)
• As of 2007, the majority of U.S. households had no credit card debt. (Source: Federal Reserve Board survey of consumer finances, February 2009)
• When you take a snapshot of how much an individual bank cardholder has in debt on a given day, and ignore whether that debt will be paid off in the grace period, Alaska is the state whose cardholders have the highest debt: $7,827. Alaska is followed by Nevada at $6,636 and Tennessee at $6,568. At the other end of the scale, the states whose citizens carry the lowest card debt at a given moment are Iowa ($4,277), North Dakota ($4,403) and West Virginia ($4,517). (Source: TransUnion, December 2008)
• About 40 percent of credit cardholders carry a balance of less than $1,000. About 15 percent are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When you look at the total of all credit obligations combined (except mortgage loans), 48 percent of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit and loans -- everything but mortgages. Nearly 37 percent carry more than $10,000 of nonmortgage debt as reported to the credit bureaus. (Source: myfico.com)
• The typical consumer has access to approximately $19,000 on all credit cards combined. More than half of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one in seven is using 80 percent or more of their credit card limit. (Source: myfico.com)
• The average college graduate has nearly $20,000 in debt; average credit card debt has increased 47 percent between 1989 and 2004 for 25-to 34-year-olds and 11 percent for 18-to 24-year-olds. Nearly one in five 18-to 24-year-olds is in "debt hardship," up from 12 percent in 1989. (Source: Demos.org, "The Economic State of Young America," May 2008)
• More than 90 percent of survey respondents believe they had the same amount -- or less -- debt as the average American. (Source: CreditCards.com survey, June 2007)
• Miami residents are the biggest over spenders, one study says. The 50 largest U.S. metropolitan areas were ranked in terms of percent of median yearly household income owed to credit card companies and Miami residents owed 22.61 percent. Tampa (17.1 percent) and Los Angeles (16.81 percent) came in second and third, respectively. (Source: Forbes.com, Equifax and US Census Bureau, April 2009)

Credit card debt

• Average credit card debt per household with credit card debt: $15,788*
• 76 percent of undergraduates have credit cards, and the average undergrad has $2,200 in credit card. Additionally, they will amass almost $20,000 in student debt. (Source: Nellie Mae, "Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends")
• Total U.S. consumer revolving debt fell to $866 billion at the end of 2009, down from $958 billion at the end of 2008. About 98 percent of that debt was credit card debt. (Source: Federal Reserve's G.19 report, March 2010)
• The mean, or average, unpaid credit card balance last month was $3,389. The median is $90. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
• About 45 percent of consumers said their unpaid credit card balance had gotten "lower" or "much lower" in the past 12 months. Only 26 percent said it had gotten "higher" or "much higher." (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
• Total U.S. credit card out standings through yearend 2009: $772.19 billion (Was $862.4 billion); By credit card company: Visa - $366.05 billion (Was $405.80 billion); MasterCard - $267.57 billion (Was $305.22 billion); American Express - $86.06 billion (Was $96.30 billion); Discover $52.51 billion (Was $55.08 billion); (Source: Nilson Report, February 2010)
• At the end of 2008, Americans' credit card debt reached $972.73 billion, up 1.12 percent from 2007. That number includes both general purpose credit cards and private label credit cards that aren't owned by a bank. (Source: Nilson Report, April 2009)
• Average credit card debt per household -- regardless of whether they have a credit card or not -- was $8,329 at the end of 2008. (Source: Nilson Report, April 2009)
• The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008. One year earlier, that average was $10,637. (Source: Nilson Report, April 2009)
• The average balance per open credit card -- including both retail and bank cards -- was $1,157 at the end of 2008. That's up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years. (Source: Experian marketing insight snapshot, March 2009)
• As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about $950 Billion. In the fourth quarter of 2008, 13.9 percent of consumer disposable income went to service this debt. (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
• In 2007, credit card balances made up 3.5 percent of the total debt for all U.S. families, including those with and without credit card debt. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• In 2007, fewer than half of U.S. families (46.1 percent) held credit card debt. That's virtually unchanged from 2004's 46.2 percent number. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
• Of the 73.0 percent of families with credit cards in 2007, only 60.3 percent had a balance at the time of the interview; in 2004, 74.9 percent had cards, and 58.0 percent of these families had an outstanding balance on them. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Among the 35 percent of college students with credit cards that do not pay their balances in full every month, the average balance is $452. This is down 19 percent from 2007. Moreover, this balance is approximately one-third the size of the average balance for active nonstudent young adult accounts and one-fourth the size of active accounts for older adults. (Source: Student Monitor annual financial services study, 2008)
• As of 2007, the majority of U.S. households had no credit card debt. (Source: Federal Reserve Board survey of consumer finances, February 2009)
• About 40 percent of credit cardholders carry a balance of less than $1,000. About 15 percent are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When you look at the total of all credit obligations combined (except mortgage loans), 48 percent of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit and loans -- everything but mortgages. Nearly 37 percent carry more than $10,000 of nonmortgage debt as reported to the credit bureaus. (Source: myfico.com)
• The typical consumer has access to approximately $19,000 on all credit cards combined. More than half of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one in seven is using 80 percent or more of their credit card limit. (Source: myfico.com)

How to Choose a Debt Backend?

Curiously enough, back-end debt settlement, debt resolution, debt law firm, debt management companies are popping up like wedding factories, offering their services “you sell, we'll settle". It's all just marketing, and the wrong people can be found working in the debt business. This is a result of the fact that there is no barrier to entry, and it's an unregulated industry. These companies are proving to be sloppy, inaccessible and not consumer-friendly.

These factories advertise religiously on Google to lure the "first time" sales offices into their marketing web. Just like the couple looking to get married for the "first time", and who enter into a marriage not knowing what to expect or what to ask, so have sales offices entered into a debt affiliation, also not knowing what to expect or what to ask.

So, the downfall of the debt industry has begun as pending legislation looks to particularly favor the attorney-based debt resolution model versus the non-attorney debt settlement model. The thought process is that an attorney has a far greater professional stake at hand should errors be made, whereas the salesperson utilizing the unregulated model will suffer no professional consequences should mistakes and harm to the consumer occur.

Clearly, the answer is to partner with an attorney-based debt company. However, it is of utmost importance to choose one which has stood the test of time, and caters equally to veterans of the industry as to those who are new at offering debt resolution to their clients.

First and foremost, and as any industry veteran will advise you, watch your cash flow; be sure to work with a company that has made a commitment to pay you the commissions. This is a vital component in deferring the expense of leads and client acquisition, as well as covering sales representative's commissions. Keep in mind that the number one reason new businesses go out of business is because they have exhausted their working capital. Use these recommendations, and you can make life- altering money as a debt resolution affiliate, in perhaps the biggest debt arbitrage this Country has ever seen.

In conclusion, debt resolution training for your sales force is paramount to your company's success. You might think you know what you're doing and saying - but until you have successfully pitched it yourself, such that you can immediately reply to the client's questions with cogent answers, training would prove highly beneficial to your bottom line.

Moreover, with proper debt resolution training and using online debt settlement, you will begin to close a deal each day per agent. With 10 sales agents, you should be closing 200 deals a month. Many don't, but just as many do, so affiliate with a debt resolution company that offers an organized training program that will.

How Debt Companies and Law Firms are losing deals to competitors using SEDS (Self Enrollment Debt System).

It has been brought to our attention that Freedom Financial just spent $1.4 million dollars designing a building there own Self Enrollment Debt System to utilize on internet leads and other forms of traditional media.  Don’t get left behind and loose to deals to Freedom or other organizations using a Self Enrollment Debt System.

Ask yourself this as an executive of a Debt Solution company or law firm, why would a consumer enroll with my company if they have seen what Freedom Financials system or other organizations utilizing a Self Enrollment Debt System will do for the consumer.  

A SEDS (Self Enrollment Debt System) brings creditability to your organization instantaneously, SEDS empowers and educates the consumer, allowing them to choose there own solution without being pressured into it therefore increasing closing ration and retention rate. SEDS along with CRS (Client Retention System) brings transparency to your organization.

Exclusive Debt Leads
What are exclusive DEBT leads? Exclusive leads are possible future customers that have been qualified specifically for your business and are never shared with another company. The reason clients choose exclusive leads over any other kind is because these leads are more valuable. In the debt business, exclusive leads are crucial to your company’s success. They allow you to close more frequently, therefore increasing your ROI.

Recently, there has been a huge increase in the demand of debt leads as well as supply. The market is becoming extremely competitive. Some may argue that the cheapest lead is the best, but in all actuality it’s all about the quality. 100 cheap leads will under perform 50 quality leads. The challenge is identifying quality leads and quality lead providers.

Unfortunately nobody can control the consumer. If the consumer applies with one organization chances are they may do some more research and apply else where. The lead may go two separate lead companies and on the second time they applied they may have applied with a lead company not knowing that they are going to get sold off as non exclusive to three more debt companies or more.

So now the lead that you purchased from your lead company on an exclusive basis is exclusive to the lead company but not to other lead company. How do you set yourself apart? How do you get the consumer to even talk to your sales agent?

Use a SEDS (Self Enrollment Debt System) you will be offering something that your competition may not be. If you’re not using a SEDS (Self Enrollment Debt System) you just lost the competitive edge. SEDS (Self Enrollment Debt System) will bring the consumer back to your organization. How will it do so? If you are buying internet leads than you are most likely using a CRM like leads 360. Set up an auto responder that triggers a personalized e mail to go to the consumer driving them to your SEDS (Self Enrollment Debt System). This is what is going to happen. Before your agent or any another agent gets the consumer on the phone, the prospect has already opened there email clicked on your link and is in your Self Enrollment Debt System.

What does that mean, the prospect already seen what you’re offering for there particular situation and the monetary savings. Your agent just needs to walk them through the rest of the process and they will be enrolled within 10 minutes.

Our business model is to create long term partnerships not to just turn and burn every debt company in the industry. Which is why we stand by our quality and control. Our sales executives will work with you to keep your competitive edge. Our clients only expect the best from us, and that is all we provide.

Economic Downturn Drives Growth in Debt Resolution

This historic economic crisis is fueling growth among debt resolution firms as more troubled consumers burdened by unsecured debt seek help in reaching repayment agreements with creditors.

Consumers failing to qualify for the type of creditor concessions provided by routine credit counseling often contact debt resolution companies and law firms, which negotiate with creditors to reduce debt by cutting interest rates and fees and by reducing part of the principal owed. The consumer agrees to repay all or part of the original debt in a lump sum or through a series of payments to the debt resolution company, which retains a portion for its fee.

Debt resolution fees can range from hundreds to thousands of dollars, depending on the debt, say industry observers.

Credit Card issuers are becoming more open to resolving debts through debt resolution firms, as they try to reduce their ratio of charged off loans.

JPMorgan Chase & Co. confirms that when it is directed to do so by its customers, it will enter into negotiations with debt companies.

Credit card issuers growing willingness to agree to feasible "terms set by consumer," which enable borrowers to make monthly payments to the creditor through the debt resolution firm. This differs from the more traditional arrangement of repaying the renegotiated debt in a lump sum.

Almost all credit card debt resolution plans are now handled through installment payments.

Although certain unscrupulous debt firms tarnished the industry's image by charging excessive fees and sometimes failing to deliver services, bringing negative light to the industry.

Self Logix has been actively working to rebuild consumer trust. Self Enrollment Debt System (SEDS) has revolutionized the debt industry by bringing transparency and legitimacy to the industry.

SEDS allows debt burden consumers to choose on there own feasible repayment terms.

Debt Settlement Advertising Standards Will Further Protect Consumers

May 26, 2010

Industry trade group announced new, self-imposed rules for advertising and marketing practices that aim to protect consumers.

(MADISON, Wis.)—The debt settlement industry’s largest trade group today announced new, self-imposed rules for advertising and marketing practices that aim to protect consumers. The Association of Settlement Companies (TASC) says the rules are effective immediately.
“While we have had marketing standards and guidelines in place since our formation back in 2005, we recently concluded that they needed to be updated and clarified based on what is going on in today’s marketplace,” David Leuthold, Executive Director of TASC, said. “At no time, especially in tough economic times when more consumers than ever have a need for some sort of debt relief, should any allowance be made for deceptive marketing.”
Following are the recent clarifications regarding what TASC deems to be deceptive:

• Using any depiction of a government official, government seal, government document or other symbols or imagery designed to give the impression the advertisement or its content is related to the government.
• Using the terms “bailout,” “government program” or other terminology that implies or that gives the impression a debt settlement program is part of a government service or program.
• Using references to laws, acts or common names of laws (such as Consumer Credit Reform Act) that implies or gives the impression that a consumer has a legal remedy to settle or reduce debt.
• Any combination of the above concepts or terminology such that a reasonable consumer might believe the service being offered is related to the government.

Earlier this year, TASC warned of letters resembling government documents that solicit unsuspecting customers using terms such as “U.S. National Debt Relief Plan.”

Searching for a better Debt Leads?

You're not alone. In today's very competitive market, you need the best leads to stay ahead of the competition so you think. Prospects need to close and lead acquisition costs need to be low enough to sustain the traditional debt company business model we understand that. If you're like most companies, you receive your commission over time, in small monthly payments. In this model, low acquisition costs are not only preferred, it's required to stay in business. Here's an option to consider:

Use a SEDS (Self Enrollment Debt System). SEDS will bring transparency and credibility to your organization instantaneously. The debt industry is currently going through allot of negative press. SEDS will change that for you. Imagine increasing your enrollment and retention rate without increasing costs of more sales agents and customer service. Therefore increasing your very important ROI.

SEDS (Self Enrollment Debt System) will cut down your consultation times to 10 minutes. SEDS ensures that every deal is quoted accurately. Your sales process will be streamlined and uninformed.

SEDS will also help you immediately find weak sales agents so you can weed them out. SEDS has also uncovered sales agent stealing your leads.

SEDS eliminates the sales agent’s margin for error. SEDS ensures every prospect is educated and understands what your solution is and how it works.

SEDS (Self Enrollment Debt System) takes your prospects through a series of simple,
manageable steps guided by video to help them enroll themselves. SEDS (Self Enrollment Debt System) is a sophisticated sales system that computerizes every single step of debt enrollment process, thus saving your employees a great deal of time and lots of money for you.

SEDS (Self Enrollment Debt System) includes an array of features aimed at making your work more productive and your business more profitable.

Online Debt Settlement provides full scale automation for all sales aspects of your debt business. Starting from quote generation, document management, SEDS (Self Enrollment Debt System) leads your prospects all the way to successful enrollment

SEDS (Self Enrollment Debt System) allows you to customize payment plan to each client's individual needs. Powerful proposal tracking module keeps track of proposals SEDS (Self Enrollment Debt System) calculates each prospects unique situation ensuring the maximization of the customer savings.

As soon as your prospect enters the amount of unsecured debt they have into the from on SEDS (Self Enrollment Debt System), SEDS will generate an instantaneous quote. No more sales agents trying to punch numbers on calculators! The quote is backed up by 100% mathematic calculations and includes your enrollment fees.

Now you can give your prospects real time instant quotes. Save your time on lengthy consultations or virtually remove your sales team and data entry using real accurate information provided to you by your prospect.

Color graphs show you’re your prospect assisting the sales representative "before" and "after" situations and debt repayment dynamics.

Automatically generate client agreements with all client information populated based on the information your prospect gave. The agreement will be ready for execution by the consumer in the matter of minutes.

The prospect can print agreements with a click of a mouse. Or choose to execute on the spot with an e signature.

Agreements can be viewed directly from the program without the need to use any third party clients. All your prospect has to do is log back into your SEDS (Self Enrollment Debt System) view and choose to execute your agreement. You can keep track of all quotes, proposals and scenarios ever been generated for prospects.

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You want to close more debt leads? Think like a debt lead. You can’t under estimate how important it is to have a connection with your client. The best way to accomplish that is to think like them, put your self in their shoes. Think about what someone with a large amount of unsecured debt is going through, and how they try to take care of their debt.

Here are some questions that should help you:

Do I trust your organization?

• All I hear is negative things about your industry, are you fraudulent?
• I am getting calls from other organizations why should I enroll with you?
• Are you offering something different?
• Am I having trouble making even minimum payments on credit card debt and other unsecured debt?
• Am I behind on monthly payments to my creditors?
• Am I getting calls from debt collectors?
• Am I juggling credit card balances to pay off other unsecured debts and bills?
• Am I using credit cards to pay for necessities (food, house, etc)?

Asking these questions will put you in a better position to relate to your client. You can say that you understand what it’s like to be in their shoes. Explain how you see unsecured debt affecting them.

Now once you’re in, your recommendations will be taken seriously. Then you can consult and recommend debt services to help them out.

Self Logix clients have found that directing there prospects to there SEDS (Self Enrollment Debt System) has set them apart from there competition. SEDS has brought them transparency and legitimacy something that has been lacking in the industry for a long time..

With all the negative press the consumers have there shields up. SEDS (Self Enrollment Debt System) instantaneously brings that shield down.

Self Enrollment Debt System has empowered the consumer. The consumer has the power to choose there own repayment plan.  Self Logix has found that giving the consumer this option gives the consumer a feeling of comfort and trust in your organization.