AFCC Debt Settlement Market Size, Current Insights and Development Trends 2023 | Top Key Players, Production Capacity Estimates, Competitive and SWOT Analysis till 2030
AFCC Debt settlement is a service offered by third-party companies that can try to reduce their customer’s debt by negotiating settlements with customer’s creditors or debt collectors.This report focuses on global and United States AFCC Debt Settlement market, also covers the segmentation data of other regions in regional level and county level.Due to the COVID-19 pandemic, the global AFCC Debt Settlement market size is estimated to be worth USD 297.9 million in 2022 and is forecast to a readjusted size of USD 383.5 million by 2028 with a CAGR of 4.3% during the review period. The economic impact of the debt settlement industry is comprised of three pieces. First, companies providing debt settlement services employ thousands of people in offices around the country. Second, creditors working with debt settlement firms to settle consumer debts receive funds owed by debtors faster than they otherwise would, and avoid the negative business and reputational consequences of forcing such debtors into bankruptcy, or to answer collections actions that may or may not result in any recovery. Finally, debtors will see economic benefits resulting from the elimination of generally expensive debt, freeing up resources that would have been used to service that debt, even while the consumer is struggling under its burden. This money would be spent in the local economy generating additional economic benefits.To state the obvious, consumer debt settlement activity is tied to growth in consumer lending. Settlement activity does not appear to be closely tied to the credit cycle, however. When consumer credit is expanding and the general economy is growing, a segment of consumers over-spend and have difficulty repaying the debt they have incurred to fund their consumption. When the economy dips and consumer credit contracts, more consumers are suffering job losses, which disrupts their ability to service debt. Both scenarios create potential clients for debt settlement firms, but prospects for debt settlement firms appear to be brightest when consumer credit is loose. The recovery in consumer lending since the financial crisis and recession is complete. Outstanding credit card debt is projected to break through the $1 trillion level by year-end when the holiday shopping season is over. The United States last broke the $1 trillion level on credit card debt in 2008 – right as the financial crisis was exploding.AFCC Debt Settlement market is segmented by region (country), players, by Type and by Application. Players, stakeholders, and other participants in the global AFCC Debt Settlement market will be able to gain the upper hand as they use the report as a powerful resource.
Major players covered in AFCC Debt Settlement Market are:
Freedom Debt Relief
Rescue One Financial
National Debt Relief
ClearOne Advantage
Century Support Services
United Debt Counselors
New Leaf Financial
Countrywide Debt Relief
Liberty Debt Relief
Debt RX
Pacific Debt
New Era Debt Solutions
Market Segment by Type:
Credit Card Loan
Medical Loan
Private Student Loan
Others
Market Segment by Application:
Open-end Loan
Closed-end Loan
Unlock the potential of the AFCC Debt Settlement market with the detailed report.
