In a slowly building concern over personal finance advice, Gail Vaz-Oxlade, author of Money Rules, Debt Free Forever, It’s Your Money, and more personal finance books, is quoted as reversing her position about credit counseling in Canada.
Gail Vaz-Oxlade, author and host of Til Debt Do Us Part and Princess, used to recommend credit counseling services to consumers in financial trouble, but no longer does.
“I know that there are some credit counseling people who are fabulous at their job. In fact, I have one who writes for me on my website, but to a large extent, not only are they untrained, but credit counseling gets most of it’s funding from the credit industry,” she told the Star on a stop on the tour for her new book.
Credit counseling agencies get 22 per cent of all monies they recover on behalf of creditors. – Source
It seems that some are paying more attention to the advice given by credit counseling and personal finance gurus.
As an example, see Helanie Olen Talks About Bad Advice by Suze Orman, David Bach and Dave Ramsey.Personal Finance Author Gail Vaz-Oxlade Turns Away From Credit Counseling by Steve Rhode