Equifax: Debt Wise Product Launch
Category: Financial Products and Services
Country where program ran: USA
Date program started/ended: 6th July 2009
Product Description: Debt Wise is a powerful, easy, and secure way for consumers to create a plan to pay off their debts faster potentially saving money in interest payments; plus, they have their progress automatically tracked and receive alerts to let them know if they are on or off plan.
Advertiser/Client Name: Equifax
Media Channels: DirectMail
Based upon Federal Reserve's G.19 report, the total U.S. consumer debt (credit card & noncredit-card debt, but not mortgage debt) reached $2.56 trillion at the end of 2008, up from $2.52 trillion at the end of 2007. Even before the recession began in 2007, 14.7 percent of U.S. families had debt exceeding 40 percent of their income. And finally, according to the Federal Reserve Board, households are spending almost 14 percent of their disposable income just making monthly minimum debt payments, the highest percentage in nearly 30 years. With this environment, the consumer marketplace needs a plan to get out of debt, and Debt Wise offered such a solution.