Growing consumer debt requires reliable Credit Counseling
Take a moment to reflect on this last fact. Some people are consumers, the debt (mostly credit card) is only a little more than half of their gross pay. Not net, but gross.So where are people turn to when their good form goes to pot?
They go looking for help from Credit counselling agencies, many of which are under the control of fraudulent practices, dishonest and bad advice, excessive fees and abuse of charitable status.
In fact, the Internal Revenue Service, the Federal Trade Commission and state regulatory authorities have to warn people about the problems that can occur when using an unscrupulous credit-advisory organization. The IRS has begun auditing more such agencies to see whether they deserve tax-exempt status.
A report last year by the National Consumer Law Center and Consumer Federation of America found that many debtors at the end to pay high fees to set up a debt repayment plan. Other at the bottom with worse credit records before they sought help because their credit counselling agency does not pay bills customers over time - or ever.
Keating, came to the NFCC after 29 years in consumer banking, admits the credit consulting industry is in “transition”.
“I believe there are agencies out there that are not the right thing to do morally and ethically in the part of consumers and are of advantage when people are vulnerable,” she said in an interview.
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