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Whither Consumer Credit Counseling

In: Household Credit Usage

Author

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  • Robert M. Hunt

Abstract

The availability and use of consumer credit in the United States has grown dramatically over the last 50 years. While this is undoubtedly beneficial, one consequence is that, at any time, there are a million or more consumers having difficulties in managing their unsecured debts. For a half century, nonprofit credit counseling organizations have offered financial education and budget counseling sessions for free or at nominal cost to borrowers. They also negotiate comprehensive repayment plans (debt management plans) with a borrower’s unsecured creditors. These repayment plans provide an alternative to bankruptcy that is valuable to many consumers.

Suggested Citation

  • Robert M. Hunt, 2007. "Whither Consumer Credit Counseling," Palgrave Macmillan Books, in: Sumit Agarwal & Brent W. Ambrose (ed.), Household Credit Usage, chapter 0, pages 37-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60891-7_3
    DOI: 10.1057/9780230608917_3
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    Cited by:

    1. Guo, Lin & Xiao, Jing Jian & Tang, Chuanyi, 2009. "Understanding the psychological process underlying customer satisfaction and retention in a relational service," Journal of Business Research, Elsevier, vol. 62(11), pages 1152-1159, November.
    2. Stephanie M. Wilshusen, 2011. "Meeting the demand for debt relief," Consumer Finance Institute discussion papers 11-04, Federal Reserve Bank of Philadelphia.
    3. Burke, Jeremy, 2021. "Do prize-linked incentives promote positive financial behavior? Evidence from a debt reduction intervention," Journal of Public Economics, Elsevier, vol. 204(C).

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