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Credit Counseling Industry

Personal Finance Author Gail Vaz-Oxlade Turns Away From Credit Counseling

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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 ... Read More »

Military Debt Management Agency MDMA Hits Military and Consumers for Student Loan Help

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A tipster (send in your tips here) sent me a fee schedule from the non-profit credit counseling group Military Debt Management Agency (MDMA) in Florida. The reader was concerned that this non-profit 501(c)3 IRS approved charity that is supposed to be helping military members and general consumers was taking advantage of those with federal government student loan debt, by charging ... Read More »

InCharge Debt Solutions Gives Employees Access to Your Personal Information at Home

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InCharge Debt Solutions, and Orlando based non-profit credit counseling agency, just put out a press release that brags about how their telecommuting program benefits the environment. It even included a neat little infographic which you can see below. “Improving our employees’ quality of life and job satisfaction were enough for me,” said Ms. Money from InCharge. “Reaping the additional benefits ... Read More »

FTC Closes Down Credit Counseling Company We’ve Written About.

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The Federal Trade Commission has been kicking debt relief butt recently. They’ve been closing down bogus outfits almost faster than I can write updates about them. The latest is a company a reader and tipster (send in your tips here) alerted me about. I then made a secret shopper call you can listen to. See Fake Nonprofit Credit Counseling Agency ... Read More »

Consumer Credit Counseling Settles Debt on 50% of its Clients – 1968

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As a student of debt history I’m probably one of those odd geeks that spends time reading outdated and arcane material about consumer debt and debt relief activities. Recently I sat down and read a 1968 document put out by the NFCC. Today they are called the National Foundation for Credit Counseling but back then they were the National Foundation ... Read More »

Debt Relief Lead Generator Ryan Golembiewski Settles With FTC for Big Bucks

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The Federal Trade Commission has taken action against a debt relief lead generator, who we’ve written about before, that appears to have made false statements about the effectiveness and efficacy of debt settlement, bankruptcy and credit counseling. As you will read, the statements made to induce consumers into debt settlement and credit counseling (debt management plans) is not accurate or ... Read More »

Did the NFCC Client of the Year Really Do the Ethical Thing?

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The National Foundation for Credit Counseling Recently put out a press release celebrating their clients of the year who, in my opinion, should never have been put into a debt management plan to begin with. See NFCC Celebrates Utter Stupidity and Puts Older Dementia Patient in Debt Management Plan. My goodness, I hate to make this issue about Jim and ... Read More »

To All Former A New Horizon Credit Counseling Clients – HELP

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All of a sudden, people that have debt management accounts with the nonprofit credit counseling group A New Horizons Credit Counseling Services, are freaking out. Where did the company go? Why aren’t they answering the phones? Where is my money? In one respect the situation is feeling much like another implosion of a nonprofit credit counseling group. Last year it ... Read More »

Why Enrolling in a Credit Counseling Program Can Hurt Your Credit Score

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I keep seeing information around the web by credit counseling companies saying that enrolling in a credit counseling program does not hurt your credit score. I believe the reason they say this is because the enrollment into the credit counseling program is not viewed as a negative entry in the calculation of the credit score. But the statement that placing ... Read More »

Consumer Survey by NFCC Shows People Are Wary About Real Help From Credit Counselors

On one hand you have to applaud the most recent release from the National Foundation for Credit Counseling. One thumb up. On the other hand it comes across as simply just more denial about the disturbing lanscape that faces narrow niche nonprofit credit counselors. The NFCC survey was an online poll conducted on the NFCC website. Right off the bat ... Read More »

USA.gov Recommends Only NFCC for Credit Counseling in Email. Why?

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Today I got an email from USA.gov that struck me. The email made it seem as if credit counseling could help rebuild credit. That a no-no for credit counseling to avoid or run afoul of the CRedit Repair Organizations Act. I’ve covered that here. The email USA.gov sent out linked only to National Foundation for Credit Counseling (NFCC) to find ... Read More »

The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation Loans

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This is a story that I’ve been working on for a few weeks. I’ve been asking people and groups for feedback and information to write this but what I’ve run into, is a wall. I have received some feedback from groups and people that don’t wish to be publicly identified to protect themselves but what I have learned has been ... Read More »

If U.S. Court Bankruptcy Video Can Say Debt Settlement Is an Option, Why Can’t Credit Counseling?

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I was watching a video put out by the Federal Judiciary on the U.S. Courts site and was surprised when I saw they U.S. Courts listing debt settlement as an alternative to bankruptcy. The list also includes credit counseling, working with creditors (reduction in payments), and selling assets or debt consolidation loans to satisfy debts. What struck me is that ... Read More »

Does CRS Financial Services Really Show a Fake Building?

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In my roundup of ads on the internet I came across this one by CRS Financial Services on Craigslist. So let’s take a look if the statements are supported and what their website says. The first thing I noticed when visiting their website at crsfinancial.net was they have their physical address readily visible. That’s a good thing. They list it ... Read More »

Nice Move by Chicopee Savings Bank to Fund Financial Literacy Project. Hat Tip.

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Cambridge Credit Counseling announced the release today of the agency’s latest edition of its Learn Now or Pay Later guide to financial literacy. The project was underwritten with grant funding provided by Chicopee Savings Bank’s Charitable Foundation, in recognition of the community education initiatives conducted by Cambridge throughout Western Massachusetts. According to Cambridge’s president and CEO, Christopher Viale, the LNPL ... Read More »

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