AICCCA Advises -
10 Million Americans Could Benefit From Credit Counseling
Fairfax, VA - September 22, 2006 —
Consumer debt continues to grow in this country with more than $800 billion owed in credit card debt. Many of the consumers with credit card debt are managing their debt loads easily. Others however, are one unexpected financial disruption such as a job layoff or downsizing, major medical expense or divorce away from serious problems.
"Association of Independent Consumer Credit Counseling Agencies members counsel more than 2.4 million consumers a year," said David Jones, president, AICCCA. "Of those counseled, approximately 20 percent or 480,000 are placed on debt management plans to repay their creditors. However, many more millions of consumers are suffering with credit and debt problems without seeking qualified, professional help."
The typical credit counseling client may be staring back at you in the mirror. To find out if you are among the more than 10 million Americans who could benefit from credit counseling, examine the signs below:
Can afford to make only the minimum payment due on credit card balances.
Payments to creditors are late or missed for more than a month.
Debt-to-income ratio is more than 20 percent.
Do not know how much you owe.
An interruption of income would cause immediate difficulty paying bills.
Use credit cards to purchase basics such as groceries because you are out of money for the month.
Avoid answering the phone because of creditor collection calls.
Credit cards are maxed out.
No savings cushion.
No or inadequate insurance - medical, life, disability.
If more than two or three of the above apply, you may benefit from credit counseling. For more information please visit www.aiccca.org or call 800-450-1794.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call (800) 450-1794 or visit www.aiccca.org.
