Psychological factors associated with consumer behavior in completing debt management plans (DMPs) in credit counseling were identified. Guided by the theory of planned behavior, the study used a unique data set combining the survey data along with plan completion status data from a sample of clients of a national credit counseling agency. Findings suggest that consumers are more likely to report their intentions toward completing a DMP when they view completion favorably and anticipate completing the plan with ease, compared to those who view completion negatively and anticipate difficulty in completing a plan. In turn, the study shows that consumers' behavioral intentions directly affect their behavior-in this case, DMP completion. Furthermore, some evidence suggests that satisfaction...
Although debtors no longer suffer imprisonment because of their failure to pay their debts, the modern prisoner may still be in no position to satisfy his or her creditors. As a result, those who are incarcerated may seek relief from their debts through a bankruptcy case. In most respects the Bankruptcy Code (the "Code") purports to treat prisoners like any other prospective debtor seeking relief from his or her financial obligations. This article will discuss the new credit counseling requirements in the Code, and how they make it difficult, or even impossible, for imprisoned debtors to get bankruptcy relief due to their incarceration. Judges should not allow the Bankruptcy Abuse Prevention & Consumer Protection Act 2005 to be interpreted in a manner that would have the unintended,...
Dear Bruce: You often refer to a nonprofit organization that helps people with debt problems. I think I remember the initials were CCC. Could you help me out here with the full name? My son is in need of this type of service. Thanks so much for the years of great advice, tips and tricks. -- Kerry, via email Dear Kerry: The organization is Consumer Credit Counseling Services. It is a nonprofit, and you will find branches in most parts of the country. It isn't the only such service, and I most surely wouldn't like to leave you with that impression. There are some nonprofits that are very reliable, and there are others that I would be holding on to my wallet if I talked to them. In the absence of some definitive list, I have no reservation in recommending Consumer Credit Counseling Service...
Susan Bailey saw some signs that she and her husband, Jerry, had some money troubles -- like once when she discovered that a credit card account had been closed when she tried to pay at a register. She joked that her husband must have cut her off.
AS HOMEOWNERS increasingly deal with the threat of foreclosure, "quick-fix" and "trouble-free" ways to get out of debt touted by some "credit-counseling" and "debt-management services" are tempting. But don't fall for the trap: Those claims are often misleading because your debt didn't pile up overnight, and it will take time and effort to get on the path to good credit again.
A Chapter 13 case could be dismissed because the debtor failed to complete both the Internet and telephone portions of his mandatory prepetition credit counseling, the 6th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment. Section 109(h) of the Bankruptcy Code generally requires that a debtor must have completed credit counseling with an approved agency during the 180-day period preceding the date of filing for Chapter 13 protection.
Organizations that advertise credit counseling often arrange for consumers to pay debts through a debt management plan (DMP). In a DMP, money is deposited each month with a credit counseling organization. The organization uses these deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule they have worked out with you and your creditors. Creditors may agree to lower interest rates or waive certain fees if you are repaying through a DMP. Are the employees or the organization paid more if I sign up for certain services, pay a fee, or make a contribution to your organization? Employees who are counseling you to purchase certain services may receive a commission if you choose to sign up for those services. Many credit-cou...
ATLANTA, May 26 /PRNewswire-USNewswire/ -- Consumer Credit Counseling Service (CCCS) of Greater Atlanta has changed its name to CredAbility. The new brand, effective today, provides a distinct, new identity and better reflects the organization's national presence and leadership in consumer credit counseling and education. The organization has also adopted a new logo and launched an enhanced website, www.CredAbility.org, which makes it easier for people in financial distress to find and use the agency's services. Founded 46 years ago in Atlanta as a community credit counseling agency, CredAbility is one of the nation's largest and oldest nonprofit credit counseling organizations. In recent years, it has expanded to provide services in all 50 states over the telephone and the Internet, in...
For decades, Consumer Credit Counseling Service of Yakima Valley has helped residents weather financial crises. Now it's facing its own financial problems. And it's not alone. The same dwindling economy that's driving growing numbers of debt-ridden consumers to seek help has similar nonprofit agencies that assist them also looking for help.
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