Cumberland Community Action Program News

Consumer Credit Counseling Service - Solution

Are You In Debt Over Your Head?

It can happen to anyone, layoff, divorce, medical emergency, too many credit cards, lack of money management training. Whatever the reason, one day you may not have enough money to pay all your bills. And before you know it, the phone won't stop ringing with calls from bill collectors. You stop opening your mail. You're in trouble and don't know where to turn.

You Are Not Alone

While millions of Americans are working their way through the recent recession, statistics point to a need to ensure consumers have the tools and information necessary to make money decisions. Government officials are increasing the use of mandatory financial education as a policy tool for remedying perceived problems in the credit markets. According to the Federal Reserve, outstanding non-secured consumer debt rose from $355 billion in 1989 to 1.65 trillion in 2001. Consumer bankruptcy filings increased from 1.2 million in 2000 to 1.5 million in 2001. Credit card debt now averages $8,562 per household. It is important that consumers who are over extended financially understand that the right kind of help is available through legitimate organizations.

People You Can Trust

Georgetown University Credit Research Center announced the results of a three-day study on the change in consumer financial behavior after receiving credit counseling services. The study, "The Impact of Credit Counseling on Subsequent Borrower Credit Usage and Payment Behavior," validates the support CCCS agencies provide to consumers seeking counseling through their offices. At the conclusion of the analysis, the value directly attributed to counseling is demonstrated through significant improvement in credit scores, fewer late payments, lower credit card balances, and less frequent use of credit lines.

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