As an indication of future demand for debt relief services, a good place to look for clues is the Federal Reserve report on senior loan officer plans.
The July 2013 survey is just out but paints a continued flat line picture offer increasing unsecured consumer loans.
“Responses from domestic banks indicated that they were somewhat more willing to make consumer installment loans than three months previously. However, while a moderate net fraction of banks reported having eased standards on auto loans, only small net fractions indicated that they had eased standards on credit card loans and other consumer loans. On balance, banks reported reducing spreads on auto loans, increasing the maximum maturity on auto loans, and easing credit limits on credit cards. Other terms across the three categories of consumer loans remained little changed, on net, over the past three months. A moderate net fraction of banks reported having experienced increased demand for auto loans; smaller net fractions indicated they had seen stronger demand for credit card loans and other consumer loans.”
Until consumers reload on unsecured debt there will be little increased demand for credit counseling or debt settlement services.
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