Global and United States AFCC Debt Settlement Market Report & Forecast 2022-2028

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.
Market Analysis and Insights: Global and United States AFCC Debt Settlement Market
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 US$ 297.9 million in 2022 and is forecast to a readjusted size of US$ 383.5 million by 2028 with a CAGR of 4.3% during the review period. Fully considering the economic change by this health crisis, by Type, Credit Card Loan accounting for % of the AFCC Debt Settlement global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR in the post-COVID-19 period. While by Application, Open-end Loan was the leading segment, accounting for over percent market share in 2021, and altered to an % CAGR throughout this forecast 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.
Global AFCC Debt Settlement Scope and Market Size
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. The segmental analysis focuses on revenue and forecast by region (country), by Type and by Application for the period 2017-2028.
For United States market, this report focuses on the AFCC Debt Settlement market size by players, by Type and by Application, for the period 2017-2028. The key players include the global and local players, which play important roles in United States.
Segment by Type
Credit Card Loan
Medical Loan
Private Student Loan
Others
Segment by Application
Open-end Loan
Closed-end Loan
By Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
UAE
By Company
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