Whither Consumer Credit Counseling

12 Pages Posted: 31 May 2006

See all articles by Robert M. Hunt

Robert M. Hunt

Consumer Finance Institute, Federal Reserve Bank of Philadelphia

Date Written: 2005


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.

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

JEL Classification: D180, G220, G330

Suggested Citation

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

Robert M. Hunt (Contact Author)

Consumer Finance Institute, Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States
215-574-3806 (Phone)
215-574-7101 (Fax)

Register to save articles to
your library


Paper statistics

Abstract Views
PlumX Metrics