Whither Consumer Credit Counseling

Robert Hunt

Chapter Chapter 3 in Household Credit Usage, 2007, pp 37-54 from Palgrave Macmillan

Abstract: Abstract The availability and use of consumer credit in the United States has grown dramatically over the last 50 years. While this is undoubtedly beneficial, one consequence is that, at any time, there are a million or more consumers having difficulties in managing their unsecured debts. For a half century, nonprofit credit counseling organizations have offered financial education and budget counseling sessions for free or at nominal cost to borrowers. They also negotiate comprehensive repayment plans (debt management plans) with a borrower’s unsecured creditors. These repayment plans provide an alternative to bankruptcy that is valuable to many consumers.

Keywords: Federal Trade Commission; Financial Education; Credit Score; Consumer Credit; Personal Bankruptcy (search for similar items in EconPapers)
Date: 2007
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Journal Article: Whither consumer credit counseling? (2005)
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DOI: 10.1057/9780230608917_3

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