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Superior Debt Reduction Debt Consolidation Alternative Becomes Debt-to-Freedom Plan


The National Debt Relief Stimulus Plan officially became the Debt-to-Freedom Plan. made the name change to increase awareness on the ethical role of the bankruptcy alternative in achieving consumer and business debt elimination. Also recognized as a debt consolidation alternative, the company continues debt reduction benefits to help debtors achieve financial freedom without bankruptcy.




June 15, 2010 -- Debt Free League warns latest draft of financial reform bill doesn't protect consumers against abusive payday loan sharks or reduce debt schemes that create sub prime credit card debt. For banks, it will be business as usual to sink Americans into a vicious debt cycle. However, one exception is Bremond McClinton. The college student received a pre-qualified, sub-prime credit offer offering him funds for financial emergencies, bills, or medical expenses. No home ownership or perfect credit was required. If he applied online or called toll-free, the $700 loan would be deposited in his bank account in 24 hours. Fortunately, he found out beforehand that the credit offer was actually a predatory lending scheme.


Debt Free League states the word stimulus was appropriately fitted into the former name to express how their debt reduction service "quickens action" for people to get out of debt. However, the company grew increasingly concerned that unethical lead vendors were misusing "stimulus" in deceptive public advertisements.


Debt Free League's Vice President, Eric Santacruz discovered that a company was literally using the namesake, "National Debt Relief Stimulus Plan 2009" on direct-mail solicitations. The entire packaging of the advertisements was an obvious disguise as a government-sponsored debt relief program.


The marketing ploy brought up a red flag for the company, which has never done direct mail. Most of their clients took the initiative to learn about the company's services through organic searches for debt relief services on search engines like Yahoo! and Google.


The company, which takes pride in full and clear disclosure, felt it was time for the change. The Debt-to-Freedom Plan also seemed more synonymous with the company's mission statement - To help debtors in financial distress reach financial freedom without bankruptcy.


"In this bad economy, the Debt-to-Freedom Plan is essential for financial relief since no federal stimulus money has been provided to reduce the consumer debt of Americans", voices Santacruz.


He makes a valid observation considering that in the past few years, the dampened economy has been driving more Americans in debt into bankruptcy court.


Ironically, the same taxpayers that funded the $787 billion economic stimulus package of the American Recovery and Reinvestment Act were left out in the cold of needed debt relief.


Equally, although Citigroup, General Motors, Chrysler, and other large corporations received $700 billion in bailouts, the Emergency Economic Stabilization Act struck out in providing business debt reduction for small business owners.


Consequently, the lack of federal financial aid triggered an alarming rate of personal and business bankruptcies.


According to the Administrative Office of the U.S. Courts, U.S. bankruptcy cases filed during the first three months of 2010 jumped 17.5 percent over the same period in 2009. And bankruptcies are expected to exceed $1.5 million by end of the year.


Santacruz greatly attributes the record bankruptcy filings due to the absence of effective debt relief solutions.


In some states, debt settlement has been outlawed as a debt relief option. Unfortunately, the ban places the bankruptcy alternative out of the reach of viable debt relief candidates. Oftentimes, people have no other option but to choose between a debt consolidation loan and credit counseling.


"I don't recommend a debt consolidation loan because it causes you to exchange unsecured debt for secured debt. As a result, you must convert the equity on your home as collateral to guaranty loan repayment", indicates Santacruz.


He also dissuades people with severely impaired household incomes to avoid credit counseling, attacking the 21 percent completion rate of their debt management plans.


Santacruz bolsters, "Credit counselors work for creditors. Their job is to recover 100 percent of the original debt. But the idea of reducing the debt interest rate, and not the debt principal has caused many credit counseling debt management plans to fail."


Luckily, Debt Free League's debt consolidation alternative is helping clients negotiate a debt payoff that reduces principal, interest, and fees.


Had many of Santacruz' clients not been able to qualify for debt settlement, bankruptcy could have been their last resort.


About Debt Free League:

Debt Free League offers a debt settlement program called the Debt-to-Freedom Plan. The service helps consumers and small business owners resolve financial hardships by negotiating settlements on personal, medical, and business debts. Free phone consultations are available by calling (800) 213-9968.


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