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January 23, 2010

Expansion to its office facility in Tulsa, Oklahoma

Tulsa, OK -- Global Client Solutions, a leading account management company for the debt settlement industry, has recently announced its expansion to its new office facility in Tulsa, Oklahoma. The expansion comes amid industry growth and the hiring of additional employees for Global Client Solutions, which offers account management services to over 500 debt settlement companies in the United States. The recent expansion into larger, more efficient office space will help us better serve our consumers and the companies that work with them. Global recently surpassed 200 full-time employees, which indicates the growing need for our financial products and services. Global anticipates further growth in the months ahead.

Founded in 2003, Global Client Solutions has become a leader in streamlining account services for consumers utilizing debt settlement companies to get out of debt. The company's unique process allows consumers complete control of their funds, while at the same time, giving debt settlement companies the information and tools necessary to perform their services on behalf of the consumers.

With a record number of Americans falling behind on their credit card payments and other forms of unsecured debt, debt settlement companies have seen more and more consumers needing help to resolve their credit issues. As a result, Global Client Solutions has seen increased demand for its banking services.

January 22, 2010

Credit card delinquencies rise in November

Fitch Ratings issued a report Friday that showed delinquent balances on credit cards hit an all-time high in November.
Balances that were 60 days or more late reached a record 4.54 percent. That surpassed the previous high of 4.45 percent set this past June, according to the report.
Chargeoffs, or loans banks consider unrecoverable, crept up to 10.68 percent from 10.09 percent in the prior month. A record high of 11.52 percent was set in September.
Fitch said it expects chargeoffs to become more widespread in coming months as consumers continue to struggle with debt and unemployment.
The ratings agency doesn't expect the deterioration to be severe, however. Fitch predicts U.S. unemployment will peak at 10.4 percent in the second-quarter of 2010 and will remain above the 10 percent throughout the year.