Debt Counselors of America (DCA) was a nonprofit financial crisis center founded in 1994 by Steve Rhode after his own bankruptcy in 1990. It grew into a 70-employee organization with staff psychologists, lawyers, mediators, and CPAs — pioneering the first inpatient program for compulsive spending in the United States. DCA was later renamed Myvesta and its mission continues today through GetOutOfDebt.org.
About This Page: I founded Debt Counselors of America in 1994, four years after filing bankruptcy myself. What started as a two-person operation in my home became a nationally recognized nonprofit cited by The New York Times, CNN, The Washington Post, Time, CBS News, Forbes, and Kiplinger’s. This page tells that story — and explains why the mission still matters.
Everything I’ve done in the debt space for more than 30 years traces back to one moment: the day I filed bankruptcy in 1990.
How Bankruptcy Led to Debt Counselors of America
In 1989, I left a successful medical career to start a real estate development company in Washington, D.C. A year later, the economy crashed and took everything with it. I filed bankruptcy in 1990.
It was the worst period of my life — and the most important. Bankruptcy taught me things about credit, debt, and financial emotions that no textbook ever could. As I wrote in The Path to Happiness and Wealth: “God gave me a doctorate in financial defeat.”
By 1994, I’d clawed my way back and founded Debt Counselors of America to help others do the same. The premise was simple: give people honest information so they can make informed decisions about their own financial situations. No sales pitches. No gimmicks. Just the truth.
“I’ve always believed in one simple truth: If you do good things, good things happen. That’s how I’ve tried to live my life and run my organization.”
— Steve Rhode, Founder
What Made DCA Different
Most credit counseling agencies in the 1990s operated on a model funded by creditors — the fair share system where the companies being paid by consumers were also being funded by the creditors those consumers owed money to. I saw the conflict of interest from the inside.
DCA took a different approach. Our debt-repayment plan cost a voluntary $2.90 per creditor per month. We took clients who other services turned away — people who couldn’t afford the minimum monthly payments other agencies required. As The Washington Post reported in 1999, our plan let clients keep a credit card if they needed one for work — something no other agency offered.
We were also one of the first organizations to offer financial services primarily through the web and phone, making help accessible to people nationwide — not just those who could visit an office.
Building a Team That Treated the Whole Problem
As DCA grew, I realized that debt wasn’t just a financial problem. It was a mental health crisis, a legal crisis, a family crisis, and an employment crisis — all tangled together. So we built a team that could address all of it:
- Staff psychologists — because 49% of our clients showed depression symptoms
- Lawyers — for debt collection defense, bankruptcy guidance, and consumer rights
- Mediators — for creditor negotiations and family financial conflicts
- CPAs and tax experts — because tax implications of debt decisions are often ignored
- Employment specialists — because income is the foundation of any financial plan
- Certified financial planners — for long-term rebuilding strategies
We grew from a two-person operation to a 70-employee organization. And we launched the first inpatient program for compulsive spending in the United States — recognizing that for some people, debt wasn’t a math problem. It was a behavioral health problem that needed clinical-level support.
The Research That Changed Everything
In 2001, we conducted clinical research using the CES-D depression scale on our client population. The results were staggering:
Nearly half the people coming to us for “financial help” screened positive for depression. I long compared that to a general-population rate of 9.5%; that comparison set a screening result against a diagnosis rate and I have corrected it in full — the honest elevation is a range, roughly two to five times, on a sample of 136.
This research fundamentally changed how I understood debt advice. You can’t tell a depressed person to maintain motivation for a 5-year debt management plan. That’s not advice — it’s cruelty dressed as discipline. Read the full Myvesta depression research findings here.
From DCA to Myvesta
We changed the name from Debt Counselors of America to Myvesta — mostly because people couldn’t spell either “debt” or “counselors.” The mission stayed the same, but the scope expanded.
By the mid-2000s, Myvesta was being cited by virtually every major media outlet in America. TIME magazine, CNN Money, The New York Times, The Washington Post, CBS News, Forbes, Entrepreneur, Kiplinger’s, and dozens of others turned to us as the go-to source for consumer debt expertise.
Media Coverage: At its peak, Myvesta and Debt Counselors of America were cited by the New York Times, CNN (26+ articles), The Washington Post, TIME, CBS News, Forbes, Entrepreneur, Bankrate, Kiplinger’s, SeattlePI, BizJournals, and the University of Wisconsin. I appeared on FOX, CNN, ABC, NBC, and MSNBC, and served as a money coach on the reality show “Starting Over.”
The Exit and What Came After
In 2004, with my daughter graduating high school, I stepped down as president. I came back briefly in 2005, but by 2006 when the office lease ended, I made a decision that surprised everyone: I shut it down.
“I loved helping people. I hated running a big organization. And that was okay.”
After closing Myvesta, I launched the Myvesta Foundation as a global social enterprise. I lived outside Liverpool, England, was invited to speak at UK Parliament about financial literacy, and set up debt assistance groups in Ireland, South Africa, and the Netherlands.
GetOutOfDebt.org: The Mission Continues
In 2008, I launched GetOutOfDebt.org — carrying forward everything I’d learned from DCA, Myvesta, and 14 years on the front lines of the American debt crisis. The core mission hasn’t changed:
“I want people to have all the information so they can make an informed decision that is right for them.”
— Steve Rhode
Today, GetOutOfDebt.org offers 20+ free interactive tools — debt calculators, quizzes, a contract decoder, a debt collector rights lookup, and a personalized debt path finder. No products to sell. No services to pitch. Just honest information.
Need help now? Take the Find Your Path quiz — it takes 2 minutes and gives you a personalized recommendation based on your specific situation. Or explore the History of Credit and Debt that traces 9,000 years of the debt system.
The Legacy
Debt Counselors of America and Myvesta weren’t just organizations — they were proof that you can help people with debt without selling them something. Everything I learned from founding DCA, growing it to 70 employees, conducting original depression research, and being cited by every major news outlet in America lives on in the work I do every day at GetOutOfDebt.org. The name changed. The mission never did. If you’re reading this at 2am wondering what to do about your debt — you found the right place. I’ve been where you are. And I’ve spent 30 years building the resources to help you find your way out.
Frequently Asked Questions
What was Debt Counselors of America?
Debt Counselors of America (DCA) was a nonprofit financial crisis center founded in 1994 by Steve Rhode in the Washington, D.C. area. It provided debt counseling, budgeting assistance, and creditor negotiation services. DCA grew to 70 employees and was cited by major media outlets including CNN, The New York Times, The Washington Post, Forbes, and TIME magazine.
Why did Debt Counselors of America change its name to Myvesta?
The organization changed its name because people consistently had trouble spelling both “debt” and “counselors.” The name Myvesta was adopted while keeping the same mission, team, and services in place.
What happened to Myvesta?
Myvesta closed in 2006 when founder Steve Rhode decided he preferred helping people directly over managing a large organization. He launched the Myvesta Foundation for international debt assistance work, then created GetOutOfDebt.org in 2008, which continues the mission of providing free, honest debt advice today.
What was the Myvesta depression research?
In 2001, Myvesta conducted clinical research using the CES-D depression scale and found that 49.3% of 136 people seeking debt help screened positive for depression symptoms, with 39.7% in the severe range. (The 9.5% general-population comparison once attached to this has been corrected.) This research demonstrated that debt problems and mental health are deeply connected and that conventional “grind it out” debt advice fails for nearly half of people in financial crisis.
Is GetOutOfDebt.org connected to Debt Counselors of America?
Yes. GetOutOfDebt.org was founded in 2008 by Steve Rhode, who also founded Debt Counselors of America in 1994 and led its evolution into Myvesta. The website carries forward the same mission: providing free, honest debt information so people can make informed decisions about their financial situations.
