While this news comes out of England, it is as equally true here in the U.S., in my opinion. I’ve always been amazed that someone has not developed a completely automated online system to help people interface with their creditors, manage their money and help them invest.
This sort of solution would also help to drive down the cost of debt relief services through automation. One of the brightest minds in debt relief to make this happen is Scott Johnson of USDR. I think his debt settlement company is now closed. He was/is my most likely candidate for making this happen for some company. A wicked smart guy.
According to a survey in the UK, one in three people prefer to deal with debt online.
The survey found, “People struggling with debt prefer to create their repayment plans online to help manage their borrowing commitments.
The latest research from Experian highlights a growing trend for individuals who want to settle their debt without having to talk to anyone they owe money to. This is, in part, to avoid confrontation and take back control of their finances.”
It seems so obvious that this is the future trend for smart debt relief companies so I reached out to some industry leaders for their feedback.
Howard Dvorkin, CPA and Chairman of Debt.com said, “People have become accustom to using online tools, doing research and getting advice from the internet and frankly it is more comfortable and less stressful than getting counseling face to face or over the phone. As the personal finance word has evolved and opened up to the masses it has afforded people the opportunity to learn and maximize their money, but consumers need to be careful where they get their advice. This is exactly the reason we started Debt.com. After years of helping people with money issues it was clear that internet delivery of information is the new normal and we wanted to provide a reliable and credible information.”
Andrew Houser, CEO of Freedom Financial Network said, “There is never going to be a one-size fits all solution for consumers in debt. Depending on the consumer’s situation and preferences, the right solution to an individual debt problem might be an unsecured debt consolidation loan, a mortgage refinance, a self-directed online program, a consumer credit counseling program, a debt settlement program, or bankruptcy. That said, even consumers who prefer a high-touch personal model, are increasingly demanding an excellent online experience to complement person-to-person interactions.”
And I agree that there will always need to be an option for people who want someone to provide personal and exceptional customer service. This service can be priced at a higher level, a kind of concierge level of service. But for other people, maybe the future is coming to tackle all debt problems online.