Abstract

http://ssrn.com/abstract=905263
 
 

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Whither Consumer Credit Counseling


Robert M. Hunt


Federal Reserve Bank of Philadelphia

2005


Abstract:     
For a half century, nonprofit credit counseling organizations have offered financial education and budget counseling sessions at nominal cost to borrowers. They also negotiate comprehensive repayment plans with a borrower's unsecured creditors. These repayment plans provide an alternative to bankruptcy that is valuable to many consumers. But credit counseling is not without controversy. In recent years, concerns about conflicts of interest and the emergence of a new breed of credit counselors have triggered significant legislative and regulatory activity and substantial restructuring of the industry.

Number of Pages in PDF File: 12

Keywords: Credit counseling, Debt management plans, Creditors' dilemma

JEL Classification: D180, G220, G330

working papers series





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Date posted: May 31, 2006  

Suggested Citation

Hunt, Robert M., Whither Consumer Credit Counseling (2005). Available at SSRN: http://ssrn.com/abstract=905263 or http://dx.doi.org/10.2139/ssrn.905263

Contact Information

Robert M. Hunt (Contact Author)
Federal Reserve Bank of Philadelphia ( email )
Ten Independence Mall
Philadelphia, PA 19106-1574
United States
215-574-3806 (Phone)
215-574-7101 (Fax)
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