ClearOne Advantage, a debt resolution company, said Tuesday that it plans to nearly double its workforce to 800 employees by year’s end.
The Baltimore-based company works with people to consolidate their debt from credit cards, medical bills or other expenses, and negotiate down what’s owed for a fee.
The company says its growth comes in response to record consumer debt levels, which topped $4 trillion in February, and specifically credit card debt, which represented $1 trillion of that, according to the Federal Reserve.
Further, just 44 percent of American households have more emergency savings than credit card debt, according to a survey by Bankrate. That’s the lowest in nine years of surveys.
ClearOne has enrolled clients with $3 billion in debt in the past decade and is expected to enroll more than $1 billion this year, according to the company.
The company said the average customer is married, in their 40s and has five credit cards with total average debt of $28,000, seven times the national average.
“Our work is important,” said Tomas Gordon, co-founder and CEO of ClearOne Advantage, in a statement. “We are saving people from bankruptcy, educating them and helping them find financial freedom during an unstable economy.”
ClearOne was founded in 2008 and is headquartered in the CareFirst Tower in Canton and has an office in Phoenix. However, about 40 percent of its 470 employees work remotely.
To accommodate the planned growth, the company is expanding its footprint in the CareFirst Tower to 31,000 square feet.
Gordon touted Baltimore’s talent pool for recruiting.
“We’ve found that Baltimore has a strong talent pool, from sales and marketing to counseling and technology,” he said.