Regan Report – North Carolina Edition 2021
Options for Consumers in Crisis
An Economic Analysis of the Debt Settlement IndustryNorth Carolina Edition 2021
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- CPA/CFF, MBA
- Partner
- Hemming Morse, LLP
- Meet the Author
The North Carolina-specific version of the recent independent “Regan Report” is a supplement in the series of reports overseen by Greg Regan of Hemming Morse LLP. This particular study highlight how debt settlement serves North Carolina consumers in financial hardship each day by offering significant and measurable financial benefits.
This state-specific report looks at the outputs of nearly 70,000 clients in North Carolina and over 466,000 individual accounts, with enrolled debt totaling $1,844,843,548.
- For all client types, the debt reduction amount was greater than the accompanying fees.
- For every $1 in fees, the client received $2.62 in debt reduction.
- On average, the longer a client participated in a debt settlement program, the more savings they see.
- Among those who joined a debt settlement program, nearly 75 percent – or 3 out of 4 consumers – had settled at least one account within the first four months after enrollment.
Options for Consumers in Crisis
In 2012, the American Fair Credit Council (AFCC) commissioned the first-ever independent analysis of the economic impact of the debt settlement industry on enrolled participants. Since then, the AFCC has commissioned four reports overseen by Greg Regan of Hemming Morse LLP, all of which exemplify the immense benefits of debt settlement for consumers struggling with unsecured debt.
State Versions
Options for Consumer in Crisis
The following state-specific versions of the recent independent “Regan Report” are a supplement in the series of reports overseen by Greg Regan of Hemming Morse LLP. These iterations exemplify how debt settlement serves consumers in financial hardship each day by offering significant and measurable financial benefits.
Financial Outcomes for Debt Settlement Programs
The American Fair Credit Council (AFCC) commissioned these two reports in 2019 and 2020, both of which were completed by Will S. Dobbie, Professor of Public Policy at Harvard Kennedy School of Government. The reports examine current evidence as well as past research conducted by Greg Regan of Hemming Morse LLP, while concluding that the Regan Report’s results were correct and debt settlement programs offer significant benefits to financially distressed individuals.
Economic Impact Report
The 2019 and 2020 Economic Impact Reports analyze the debt settlement industry’s national and local economic impact. These independent studies, which were commissioned by the AFCC from John Dunham & Associates, demonstrate the overwhelming importance of debt settlement for consumers, the U.S. economy as a whole, and state economies across the nation.
