Author And Financial Literacy Expert, Anthony Manganiello, To Speak At Evolution 2011

Online, July 20, 2011 (Newswire.com) - With the economy struggling, unemployment rising, foreclosures soaring, and consumer confidence in a tailspin, one would think that the services offered by debt-relief agencies would be a welcome respite. However, just last October, new legislation was enacted that thinned the debt-relief provider herd considerably. What could possibly explain the dichotomy?

Author and financial literacy expert, Anthony Manganiello, offers this possible explanation. "Debt-relief agencies have been following traditional business models with regard to offering their services. However, those traditional business models which involve sales and marketing, a focus on conversions as well as a return on the investment of advertising dollars, are a less than suitable approach when the target market is a sea of debt-distressed consumers."

Companies offering debt-relief services, particularly debt settlement, employ conventional business strategies focused on things like market share and profitability. These orthodox business practices are suitable for a company marketing products like dishwashers. But when the target market is a debt-distressed consumer base desperate for help with their bills, the dynamic merits more than a traditional business approach.

This square peg/round hole marketing philosophy has led to many consumers being misled either knowingly or unknowingly by representatives promoting such services. And when Attorneys General all across the nation identify a commonality amongst complaints, an investigation is eminent. And the result, the amendment in October 2010 of the Telemarketing Sales Rule (TSR).

The TSR Amendment, which, among other things, prohibits debt relief agencies from charging consumers up front fees, led to an exodus of service providers. According to Jenna Keehnen, Executive Director for the United States Organization for Bankruptcy Alternatives (USOBA), the nation's most tenured debt settlement association, membership for USOBA dropped approximately 65 percent since October 2010.

Lost in the mix, however, is the fact that consumers still need the assistance of debt relief service providers. And while the TSR Amendment of 2010 is in the rear view mirror, some industry insiders speculate additional stringent legislation is yet to come.

Anthony Manganiello is scheduled to speak at Evolution 2011, an industry conference co-hosted by USOBA and MStars (an industry consulting firm), being held in Las Vegas at the end of August. His presentation titled "When World's Collide! What Happens When Consumer Debt Distress Collides With the Business End Of The Debt Relief Industry" intends to shed some much needed light on this challenging dilemma, and offer possible solutions that will satisfy both consumer need and consumer protection.

In the end, legislating the industry isn't going to stop consumers from getting in over their heads financially. And while consumer protection is obviously necessary, throwing out the proverbial baby with the bath water just to clean the tub may not be the best solution.

The Evolution 2011 Conference, where Manganiello and other industry experts will be speaking, will be held August 21-23, at The M Resort & Spa in Las Vegas, Nevada. For more details about the conference, contact MStars at (952) 388-0667.

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If you'd like to know more about this topic, or to schedule an interview with Mr. Manganiello, he can be contacted directly at (608) 299-3640 or [email protected].