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Tag Archives: nfcc

Credit Counseling Against Registration of Debt Relief Providers? Huh?

In what is another of the ultimate ironies of nonprofit charitable credit counseling, it appears that at least two trade associations feel nonprofit credit counselors should not have to participate in any national registration of debt relief companies with the Consumer Financial Protection Bureau. I must admit, the position against CFPB registration stumps me and seems anti-counsumer at face value. ... Read More »

Dear Credit Counselors, You Are Your Own Worst Enemy.

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I’m frustrated. For the life of me I can’t understand why credit counseling continues to look at debt settlement as the enemy. The anger and desire to kill the solution seems to be opposite of what a charitable industry should be trying to do. The other day over a delicious Cracker Barrel lunch I was asked which side of the ... Read More »

The Importance of Data Transparency When Working With Credit Counseling and Debt Settlement Regulators and Lawmakers

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Recently Christoper Viale, the president and CEO of Cambridge Credit Counseling, and I had a chance to talk about a number of issues that are important in the debt relief world today. You can read the full transcript of our conversation below. Some of the highlights are: Coming forward with actual credit counseling performance data was not embraced with open ... Read More »

NFCC and CCCS Should be Open and Transparent When It Comes to Performance

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For far too long credit counseling groups have remained silent about how their service actually performs. Many routinely direct consumers to nonprofit credit counselors but how effective are they? The actual performance numbers have always been a closely guarded secret. That secret has been held, not out of modesty, but out of fear that when it was reveled, fans and ... Read More »

NFCC Hooks Up With United Way for Free Marketing

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The following press release was sent out announcing the new partnership between the National Foundation for Credit Counseling and United Way. What I can’t figure out is what United Way gets out of this relationship. Get Out of Debt Guy – Twitter, G+, Facebook National Foundation for Credit Counseling and United Way Worldwide Join Together to Help Financially Distressed Consumers ... Read More »

The History of Getting Out of Debt This Week on the Get Out of Debt Guy Show

In this show I talk with Dr. Louis Hyman, a consumer credit historian. We talk about the history of debt relief. He points out that the process of intervening in the debt of consumer began way back after World War I with the advent of new consumer debt opportunities. It does not matter if it was the refinancing of debt ... Read More »

What Do You Think About the NFCC Debt Management Program? – Nancie

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“Dear Steve, My 74-yr-old mother has approx. $20K in unsecured debt, spread over numerous Visa/MC and store credit cards. She lives in a Seniors’ mobile home park (I purchased the structure in which she lives; it is titled in my and my husband’s Trust); her monthly space rent is Read More »

National Foundation for Credit Counseling (NFCC) – Scam, Complaint, Review, or Praise?

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Please share your experience with this debt relief association and provide your review and feedback, in the comments section below. The goal of this page is to allow people to share information that may be important to help others to make a more informed decision regarding their experience with this debt relief association. Here are some potential questions you might ... Read More »

CareOne Sends Notice to NFCC That They Should Comply With FTC Rules

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Here is a copy of the letter that CareOne sent to the National Foundation for Credit Counseling yesterday asking them to comply with the new FTC telemarketing sales rules. Apparently both ACCPros and AICCCA received the same letter. August 31, 2010 Susan C. Keating President and CEO National Foundation for Credit Counseling 801 Roeder Road, Suite 900 Silver Spring, MD ... Read More »

Debt Settlement Trade Group Blaming New York Activists for Debt Settlement Legislation But Banks Were In On It As Well

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Interesting messages floating around about the Debt Settlement Consumer Protection Act of 2010. At least one debt settlement trade group is trying to vilify the creators of this legislation by saying the bill was secretly drafted by New York based liberal activists. But the major drivers of this bill appear to be primarily D.C. based entities and while the debt ... Read More »

Debt Settlement Industry in Denial At Their Own Peril. Ass Whopping Next Week.

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Just one day after the Senate hearing on the debt settlement industry, many inside the industry think the hearings went okay or feel they were a bit one sided but they can recover from that. People, it’s time to wake up and smell the coffee. New Legislation Will Make Debt Settlement Companies Vomit A Washington Post article today confirms what ... Read More »

Is Money Management International a Reputable CCCS Company? – Dawn

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Dawn “Dear Steve, My husband’s income has dropped by about 60%. We’re having a difficult time making ends meet. We have a forebearance plan right now with our mortgage lender. We have about $35,000 in credit card and medical bill debt. We’ve fallen behind on most of our cards by over 30 days and they have increased our interest rate ... Read More »

We Are Concerned About the Complaints Against CCCS. – Andrea

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“Dear Steve, We are on the verge of signing a contract with CCCS (Money Management Itl) but the complaints against them are not good! We currently do not own a home, but are making fairly large payments on 2 cars and have almost $40,000 in cc debt…not to mention 2 student loans totally about $25,000 that are in forebearance. My ... Read More »

2009 NFCC State of the Credit Counseling and Financial Education Sector Address

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Below you will find the presentation given by Susan Keating of NFCC regarding the state of credit counseling in the United States. I was pleasantly pleased to find the NFCC talking about possibly leaving the door open to pursue offering debt settlement in the future, efforts to regulate the debt settlement industry, and an admission that the Call to Action ... Read More »

When Are NFCC Call to Action Debt Management Plans Going to Be a Reality? – Eric

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“Dear Steve, As of 14 months ago I was grossing $100K/yr, now $42K, I have $51K in CC debt, i am not late/delinquent but it is inevitable, I am down to $1100 bal on a broken down car, $355/mo payment has 3 mo left. I have $7500 in 401K, 44 yrs old. Was able easily to cover CC pmts until ... Read More »

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