After releasing an extensive study of the debt settlement industry and its vast contributions to the economies of dozens of states and the United States at large, the American Fair Credit Council (AFCC) in 2020 commissioned another independent research study to again assess the national economic impact of debt settlement activity. Using the same research firm, John Dunham & Associates (JDA), data was collected from across the United States to illustrate the debt settlement industry’s substantial positive impact on the U.S. economy and the hundreds of thousands of Americans who have taken advantage of debt settlement.1
The industry contributes to the American economy in a variety of ways, three of which are particularly profound. First, the debt settlement industry employs thousands upon thousands of Americans across the country. Second, creditors participating in the debt settlement process receive funds from debtors faster than they would otherwise. Finally, and most importantly, consumers with crippling unsecured debt enrolled in debt settlement programs are able to get back on their feet rapidly and once again contribute positively to their local economies.2
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$23,416,839Est. Total Jobs Supported
277Est. Total Annual Output
$63,707,931Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$78,430,564Est. Total Jobs Supported
1066Est. Total Annual Output
$213,656,451Est. Industry Output
$1,500,315Est. Total Jobs Supported
53Est. Total Annual Output
$9,871,210Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$94,184,960Est. Total Jobs Supported
1416Est. Total Annual Output
$286,671,568Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$7,460,495Est. Total Jobs Supported
149Est. Total Annual Output
$34,100,910Est. Industry Output
$15,020,960Est. Total Jobs Supported
261Est. Total Annual Output
$49,027,135Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$8,365,588Est. Total Jobs Supported
141Est. Total Annual Output
$24,244,863Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$8,329,257Est. Total Jobs Supported
136Est. Total Annual Output
$24,642,703Est. Industry Output
$17,974,068Est. Total Jobs Supported
326Est. Total Annual Output
$70,650,583Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$4,801,625Est. Total Jobs Supported
88Est. Total Annual Output
$15,362,740Est. Industry Output
$80,300,414Est. Total Jobs Supported
1088Est. Total Annual Output
$218,732,818Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$25,611,724Est. Total Jobs Supported
389Est. Total Annual Output
$70,663,606Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$6,510,084Est. Total Jobs Supported
115Est. Total Annual Output
$19,794,333Est. Industry Output
$34,913,520Est. Total Jobs Supported
572Est. Total Annual Output
$97,667,517Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$3,326,005Est. Total Jobs Supported
63Est. Total Annual Output
$10,523,584Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$9,375,744Est. Total Jobs Supported
235Est. Total Annual Output
$52,307,716Est. Industry Output
$9,371,562Est. Total Jobs Supported
239Est. Total Annual Output
$37,053,252Industry Output
Total Jobs Supported
Total Annual Output
Est. Industry Output
$3,794,733Est. Total Jobs Supported
68Est. Total Annual Output
$11,354,160States colored in light blue show an estimated total economic impact if debt settlement is widely available.
Each year, the debt settlement industry offers a significant contribution to the U.S. economy, accounting for a total economic impact of $6.8 billion.3 This impact is realized across business and personal interests extensively:
- Indebted Americans saved $1.65 billion in 2019 as a result of debt settlement programs.4
- Creditors participating in debt settlement programs in 2019 received more than $658 million in revenue that might otherwise have been delayed or not received at all.5
- In 2019, the industry was cumulatively responsible for nearly 34,000 jobs across the U.S., and more than $821 million generated in federal, state, and local taxes.6
To see the debt settlement industry’s local economic impact scroll over each state using the interactive map above.
The study also examined the potential economic impact of the industry if consumers in the handful of states where the product is currently not widely available were given the opportunity to take advantage of debt settlement services. That resulting economic impact annually would be $758 million larger, with about 4,120 additional jobs,7, including:
- $387 million more in savings for consumers.8
- $59 million in taxes to the federal government.9
- $32 million in supplementary state and local tax revenues.10
The resulting study report and data confirms once again that debt settlement companies provide a vital service, giving Americans in desperate financial situations a path back to financial wellness. In total, the debt settlement industry serves as an advocate for consumers, while delivering billions in economic benefits, supporting thousands of U.S. jobs, and enabling creditors to receive payments on outstanding debt in situations where they would not have benefitted otherwise.
To view the full report, click here.
- Dunham. (2020). 2020 Economic Impact of the Debt Settlement Industry (2020). Page 5.
- Dunham. (2020). 2020 Economic Impact. Page 2.
- Dunham. (2020). 2020 Economic Impact. Page 2.
- Dunham. (2020). 2020 Economic Impact. Page 12.
- Dunham. (2020). 2020 Economic Impact. Page 8.
- Dunham. (2020). 2020 Economic Impact. Page 3.
- Dunham. (2020). 2020 Economic Impact. Page 9.
- Dunham. (2020). 2020 Economic Impact. Page 9.
- Dunham. (2020). 2020 Economic Impact. Page 9.
- Dunham. (2020). 2020 Economic Impact. Page 9.