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Tag Archives: nfcc

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 » Recommends Only NFCC for Credit Counseling in Email. Why?

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    Today I got an email from 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 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 »

        We Can’t Afford the NFCC Debt Consolidation Payment. – Tara

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        “Dear Steve, My husband and I would like to consolidate our debt into one payment, but do not want to be scammed. Collectively we have 41,000 in debt, including school debt and credit. We cannot file for bankruptsy because our parents co-signed on a loan for 20,000 of it. We own a house, a business and two cars. We looked ... Read More »

          Credit Counseling Industry Accused in Potential Historic Turning Point Lawsuit

          A lawsuit I’ve been following since it became publicly available back in the middle of October has become a major milestone in what could spell the death of credit counseling as we know it I first learned of this case about six months ago when it was developing but I’d not written anything about it at that time. In fact ... Read More »

            Why is Credit Counseling Stumped Demand is Down?

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            Over the past couple of weeks I’ve noticed a wave of information appearing on the web about the decrease in demand for credit counseling services. The reason given seems to be “consumer fatigue.” The peak client numbers that nonprofit consumer credit counselors saw in 2009 appear to be slowly falling. NFCC member agencies in the Ninth District began to see ... Read More »

              NFCC Challenges Debt Relief Industry to Think Bold. My Thoughts.

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              It appears Michael Bovee took the NFCC challenge to think bold about consumer services to heart and submitted this guest post. Steve published his reaction to the state of the industry speech made by Keating at the recent NFCC conference here. There is a great deal contained in the address by Keating to comment on. The less than full balance ... Read More »

                NFCC and Nonprofit Credit Counseling Must Be Dreaming They Are Falling

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                Recently there was a meeting of the National Foundation for Credit Counseling (“NFCC”) where the State of the Union was laid out for credit counseling groups attending. It was actually called the 2011 State of the Credit Counseling and Financial Education Sector Address The published remarks from that speech by Susan Keating, President and CEO of NFCC, paint a somewhat ... Read More »

                  NFCC Appears to be Talking Out of Both Sides of Their Mouth

                  Recently the National Foundation for Credit Counseling (“NFCC”), the nonprofit franchise operation for credit counseling outfits, filed a public statement in which they were winging about the amount of funding they get from creditors. Historically, a significant amount of support for those activities came from creditors in the form of “fair share.” In recent times, however, and due in a ... Read More »

                    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 Need More Help? National Foundation for Credit Counseling and United Way Worldwide Join Together to Help ... 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 »

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