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National Law Firm Announces Groundbreaking Program To Help Consumers Manage Debt Payments

BALTIMORE, March 18 /PRNewswire/ -- As Americans drown in unpaid bills and desperately look for a way out, Persels & Associates, a national law firm with attorneys in all 50 states, announces a groundbreaking program designed to help people manage their debt.

For a small initial set-up fee and an administrative fee of $50 per month, Persels & Associates will negotiate with consumers' creditors to reduce payments to something they can afford. Persels & Associates will also assist the consumer if legal issues arise.

"Consumers feel that they don't have choices when it comes to managing their debt payments," said Joe Cosentini of Persels & Associates. "This new contingency-based fee gives people the options they're looking for."

"We strive for fresh thinking and best practices in the field of consumer debt reduction," Cosentini added. "This contingency-based fee is just one more way we're looking to provide the best service to our clients."

Persels & Associates and its entities have been working with consumers to restructure debt payments for over 5 years. The law firm bridges the "gap" that can exist between the consumers and creditors. The firm's ability to provide legal advice and negotiate payments consumers can afford can be essential to people working their way out of debt.

Unlike traditional debt management programs where consumers can pay up to 115% of the debt balance plus interest and penalties, the new Persels & Associates fee structure has clients pay a very small set-up fee, then a nominal monthly administrative fee while the payments are being negotiated with the creditors.

"Other companies will try and negotiate debt but not with the added value of legal representation," said Cosentini. "We are also affording clients the legal help they need to protect their rights and reduce harassment by creditors while we help them develop a plan to pay their debt."

"We hear stories every day about the devastating impact consumer debt has on families. We want to help people find a debt resolution approach they can manage while protecting their legal rights."

Last December, revolving debt -- an estimated 95 percent from credit cards -- reached a record high of $943.5 billion, according to the Federal Reserve. The annual growth rate of this debt increased steadily, reaching 9.3 percent.

The amount of debt that is delinquent -- in which minimum payments are late but the account is still open -- also appears to be on the rise. The Federal Reserve found that 4.34 percent of the credit card portfolios of the 100 largest banks that issue cards were delinquent in the third quarter of last year, up from 4.07 percent in the previous quarter. Charge-offs -- accounts closed for nonpayment -- also grew in that period, and banks expect charge-offs to keep rising.

The new Persels & Associates fee structure will go a long way to help consumers keep their heads above water in these difficult economic times.

About Persels & Associates

Persels & Associates, LLC, and its entities are pioneers in the field of offering "unbundled" legal services to individuals who cannot afford traditional legal services. As Americans' credit debt rose, Persels & Associates bridged the "gap" between consumers and their debtors. Today, Persels & Associates employs over 150 lawyers in 50 states and has 25 central office staff attorneys with over 40,000 clients. For more information, visit www.perselsandassociates.com

SOURCE Persels & Associates, LLC