Debt Relief Industry Forecasts and Trends Marketing

Debt Relief Search Trends Continue to Show a Downward Decline

Recently I wrote about my forecast for a decreasing demand for debt relief services. Here is another part of the puzzle that seems to show decreasing consumer interest in some specific debt relief topics using the Google trends search traffic monitoring tool.

The data was filtered for U.S. searches only and as you can see, there are noticeable declines in search demands for the major debt relief options in 2010 and entering 2011.

From the search traffic data it appears there was a surge in all debt relief solutions, except for credit counseling in 2009. The trend for credit counseling has been on a downward decline since 2004, long before the increase in searches for debt settlement and bankruptcy starting in 2008 and continuing through 2009.

I had also written about the missing January bump this year. This is a phenomenon that generally appears each January when holiday bills arrive and push consumers to seek solutions for problem debt. You can read this article for more information. The best chart to see this is the credit counseling chart below. Notice the big December drop followed by the January spike for all previous years.

If you look at the credit counseling and debt settlement search traffic for January, 2011 you will notice the lack of a perceived January bump holds out in the search jump for the first month of 2011.

Of particular interest is that search traffic for one debt relief option over another does not appear to show that one option, like debt settlement is increasing and forcing the others down. Te basic trajectory of all solutions appears to be similar.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

30 Comments

  • Dear Former Employee,
    I am very happy to discuss your grievance with you. In return, may I request that I get permission from you to tell my side of the story which might include personal and confidential information about you and the reason you are no longer an employee?
    Dan Smith
    President
    New Era Debt Solutions

  • I think it’s a combination of all of these things…marketing drove demand up but demand was also higher because banks extended more credit pre-recession which increased the need for debt relief services.

  • I agree that the pool is shrinking for a number of reasons, people are finding out (through this site and others) that they do NOT need a “Full Service” type approach, nor do they need a Legal Approach, they just need to keep setting aside some money, communicate with their creditors that they are not Hiding from them and their desire to eventually settle with them. While my companies solution may be a bit ahead of its time, the Peformance Based, Self Directed Solution of http://www.MyDebtPortal.com is the future of debt settlement, Not that we will be the only ones doing it but we will remain on the side of the consumer, work completely within any rules the FTC or other states apply and we will provide a valuable solution for everyone to get out of debt in a private, secure, low cost manner.

    Thanks for the site and keep up the good work!

    -Dave VanderVeer
    CEO
    MyDebtPortal.com

  • I agree that the pool is shrinking for a number of reasons, people are finding out (through this site and others) that they do NOT need a “Full Service” type approach, nor do they need a Legal Approach, they just need to keep setting aside some money, communicate with their creditors that they are not Hiding from them and their desire to eventually settle with them. While my companies solution may be a bit ahead of its time, the Peformance Based, Self Directed Solution of http://www.MyDebtPortal.com is the future of debt settlement, Not that we will be the only ones doing it but we will remain on the side of the consumer, work completely within any rules the FTC or other states apply and we will provide a valuable solution for everyone to get out of debt in a private, secure, low cost manner.

    Thanks for the site and keep up the good work!

    -Dave VanderVeer
    CEO
    MyDebtPortal.com

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