By the end of fourth quarter 2018, total household debt in the United States reached a new high of $13.54 trillion. A new Economic Inquiry study found that nonprofit credit counseling–which reaches millions of consumers a year and provides financial education, individualized financial counseling, and debt restructuring services–can be an effective strategy for addressing consumer debt issues.
For the study, researchers analyzed the credit of counseled individuals versus a matched comparison group of noncounseled individuals. Individuals who underwent credit counseling experienced a substantial decline in debt relative to the comparison group, and credit counseling was also associated with an increase in credit scores for consumers w…
Read the full article at: https://www.eurekalert.org/pub_releases/2019-07/w-ccm070219.php