North Carolinians who are struggling with overwhelming debt know how important it is to have choices. Those with excellent credit may manage their debts through consolidation loans. However, many can’t receive approval due to lower FICO scores, which leaves them with even fewer options. This brings us all to House Bill 76.

Unfortunately, North Carolina’s General Assembly is working to remove another debt relief option from their constituents: debt settlement. If signed into law, North Carolina House Bill 76 will leave many struggling residents with no other choice but bankruptcy.

What is North Carolina House Bill 76?

With the short title “Modernize Debt Settlement Prohibition,” House Bill 76 seeks to prohibit debt settlement companies from doing business in North Carolina. While supporters of this bill believe they are protecting consumers, eliminating this crucial tool would back more than 25,000 residents who are already benefiting from debt settlement programs into a corner. 

Pushing North Carolinians Towards Bankruptcy

Most Americans have multiple debt relief strategies to choose from when it comes to overcoming unsecured debt. Some options, such as consolidation through a new credit card or a personal loan, are only possible if you have a high enough credit score to be approved and secure favorable terms.

So, if a new line of credit is off the table and debt settlement is outlawed, what will indebted North Carolinians do? For many, the only option left will be bankruptcy, which can be incredibly costly and impact their credit for 7-10 years. 

Putting Consumers First

One of the biggest debt settlement concerns that North Carolina’s legislators share is that bad actors are tricking their constituents and taking advantage of their financial situations. While this is an understandable concern, our federally regulated services help many consumers overcome their debts and improve their overall financial well-being.

For example, federal laws prevent debt settlement companies from collecting fees until after clients accept a settlement offer and make a payment towards that settlement. Additionally, companies with American Fair Credit Council accreditations follow even stricter standards that put the needs of their consumers first. 

Is Debt Settlement Effective? 

A recent study conducted by Harvard Kennedy School found that debt settlement program participants receive an average reduction of 33.2% on their settled accounts after accounting for fees. Additionally, debt settlement program participants saw an average $2.64 reduction in debt for every $1 in fees. 

What do these numbers mean for North Carolinians? In 2018, those debt settlements resulted in $71 million in consumer savings

North Carolinians Benefit From Debt Settlement

What do North Carolinians have to say about their Beyond Finance debt settlement programs? Below is just a fraction of recent reviews from our current and recently graduated Beyond Finance clients who live in North Carolina.

“I’m extremely pleased with the service from Beyond Finance. I’m on the way to being debt-free, and I thought this would never happen. All of my debt is being negotiated or already has settled. This company has saved me a lot.”
-Linda S.

“If you’re looking to be debt-free, then this company will get it done. You pay a fraction of what you owe, and your debts are paid in a reasonable timeframe. It’s such a good feeling to be debt-free.”
-Larry O.

“Beyond Finance has placed me in a better position. I struggled to keep my debt paid while putting myself further into debt, trying to get out. I’m delighted with the service primarily because I can pay one monthly payment, and the payment is less than the total amount I used to pay each month, which saves me money.”
-Shaun B.

“Beyond Finance is always there if I need them. They are fast and so helpful with any questions I have. I would recommend them to anyone.”
-Julia O.

“Thanks to Beyond Finance, I have been settling my debts at a record pace. Great experience and great customer service.”
-Jery H.

“Beyond Finance is doing exactly what they said they would do for me.”
-Gail C.

“Beyond Finance goes beyond what they should do! I haven’t had any more sleepless nights with worry over my debt!”
-April B.

“Working with Beyond Finance has truly been beyond my wildest dreams. I’m so glad I found them!”
-Steven B.

“Beyond Finance was extremely helpful regarding our mountain of credit card debt. I would recommend their service to anyone who is trying to find a credit card debt solution.”
-Harold P.

“Great company and great customer service. I must say, Beyond Finance saved me from a lot of interest and fees on a huge loan that I had, and I can’t thank them enough.”
-Terrence J.

Approving House Bill 76 Restricts Options

Ultimately, lawmakers should create and pass legislation that benefits their constituents, and debt settlement programs are already benefiting thousands of North Carolinians. The passing of North Carolina House Bill 76 would not only force happy debt settlement clients to go back to square one, but it would also pressure those who can’t apply for consolidation loans to file for bankruptcy. Rather than removing the power of choice from their constituents, we hope that North Carolina’s legislators will choose to empower residents instead.

What Can You Do?

Whether you’re currently getting help through a debt settlement program, have benefitted from working with a debt settlement company in the past, or simply believe in the right to choose from as many debt relief options as possible, you can make your voice heard. Visit and sign the petition telling North Carolina’s legislators to say “No” to HB 76.