National Foundation for Credit Counseling

New Research Reveals Over Two-Thirds of Adults Have Experienced Financial Trauma

Retrieved on: 
Wednesday, October 25, 2023
Personal Finance, Millennials, Finance, Banking, Professional Services, Consumer, Fintech, Generation Z, FICO, FDIC, St. Louis Fed Financial Stress Index, Gen, Education, Mastercard, Family, Prevalence, National Foundation for Credit Counseling, Organization, Research, Consumer education, Senior, Credit counseling, NFCC, Credit, Anxiety, Blog, Nursing, Online shopping, Renewable energy, Experian

A staggering 68% of U.S. adults feel they have suffered from, or are currently suffering from, financial trauma according to new research released today by Experian®.

Key Points: 
  • A staggering 68% of U.S. adults feel they have suffered from, or are currently suffering from, financial trauma according to new research released today by Experian®.
  • A concerning 37% of adults are unaware of where to access trustworthy information about financial literacy.
  • “Our goal is to normalize conversations about money and financial stress and connect consumers with the financial education and resources necessary to help bring financial power to all.”
    Experian’s research underscores adults’ eagerness to improve their financial well-being.
  • For more information on Experian’s financial trauma research, visit: https://www.experian.com/blogs/news/2023/10/20/breaking-the-chains-of-fi...
    1 Credit score is calculated based on FICO Score 8 model, unless otherwise noted.

Study Highlights Benefits of Combining Short Term Payment Relief with Longer Term Assistance Plans for the Most Vulnerable of Consumers Struggling with Credit Card Debt

Retrieved on: 
Monday, August 28, 2023
National Foundation for Credit Counseling, Distress, Ohio State University, COVID-19, Delinquent, Credit counseling, Blebbishield emergency program, University, DMPS, NFCC, Research, Credit, Bank

WASHINGTON, Aug. 28, 2023 /PRNewswire/ -- A new research paper released today underscores the importance of evaluating whether the most vulnerable and distressed borrowers need longer term repayment plans soon after they first enroll in natural disaster or other emergency relief programs with credit card lenders.

Key Points: 
  • Moreover, consumers who enrolled in DMPs five to six months after the end of their forbearances had higher levels of delinquency than those who enrolled earlier.
  • This suggests that there is a relatively short window to transition still-distressed borrowers to longer term programs before their finances deteriorate further.
  • Among longer term options offered by lenders and others, debt management plans that are administered by nonprofit credit counseling agencies often provide significant interest rate reductions and a structure for paying down balances across multiple credit card lenders.
  • This study is part of a broader research project to evaluate ways to improve debt resolution options for consumers who are struggling to manage credit card and other general unsecured debts.

National Foundation for Credit Counseling Launches "Make it R.E.A.L" (Renter Equity at Last) to Address Renter Insecurity Across the Country

Retrieved on: 
Wednesday, July 19, 2023
National Foundation for Credit Counseling, Housing, NFCC, Education, Face, COVID-19, Glimpse, United States Census Bureau, Tenant, Overcrowding, African Americans, Black, Eviction, Quality control, Credit, Mental health, Lease, Renting, Bloomberg

WASHINGTON, July 19, 2023 /PRNewswire/ -- U.S. housing insecurity has dramatically increased in recent decades and its effect on mental health, financial systems and neighborhoods is increasingly felt. After all, a lack of stable housing can impede interpersonal relationships as well as the ability to work or pursue higher education. Like other forms of socio-economic bias, housing insecurity is disproportionately experienced by Black women.

Key Points: 
  • After all, a lack of stable housing can impede interpersonal relationships as well as the ability to work or pursue higher education.
  • Like other forms of socio-economic bias, housing insecurity is disproportionately experienced by Black women.
  • A new campaign from the National Foundation for Credit Counselling (NFCC), supported by the Wells Fargo Foundation, aims to reverse this trend.
  • The organization helps consumers develop comprehensive financial plans that address credit card debt, student loans, and medical debt.

CSX and Operation Homefront Unite to Ensure Military Children are Prepared to Start the New School Year

Retrieved on: 
Monday, July 17, 2023
United Nations Foundation, National Foundation for Credit Counseling, Kellogg, Critical, Southern New Hampshire University, Corporate communication, Operation Homefront, Veteran, The, Credit counseling, School, SAN, CSX, Nursing, Management

SAN ANTONIO, Texas, July 17, 2023 /PRNewswire-PRWeb/ -- For the fifth year, CSX is joining forces with national nonprofit Operation Homefront to support America's military families at a time of year when their finances are already strained by assembling and distributing more than 1,200 backpacks and essential school supplies to military children in Clarksville, Tennessee; Fayetteville, North Carolina; and Baltimore, Maryland as a part of Operation Homefront's annual Back-to-School Brigade®. Operation Homefront will distribute backpacks to 30,000 military children across the country this year, aiming to reach an historic milestone, distributing its 550,000th backpack since the program launched in 2008, saving families more than $60 million to date.

Key Points: 
  • "We are incredibly grateful to CSX and their dedicated employees for their unwavering support of our nation's military families," said Margi Kirst, Chief Revenue Officer of Operation Homefront.
  • CSX is a longtime advocate of military families.
  • In addition to supporting the Back-to-School Brigade®, CSX provides much-needed funding for Operation Homefront's Critical Financial Assistance program for military families in need.
  • The nonprofit has fulfilled more than 54,000 requests through that program, providing more than $38 million in critical financial assistance to military families.

New "Snoball Stand" to offer Louisiana youth lessons in business, starting in July

Retrieved on: 
Friday, June 30, 2023
National Foundation for Credit Counseling, Workforce, Small business, Partnership, Acadiana, Curriculum, Teaching, Entrepreneurship, Certification, Tourism, -eaux, Snow

ACADANIA, La., June 30, 2023 /PRNewswire-PRWeb/ -- Acadiana youth are gaining experience running a business with Sneaux on the Geaux, a pilot program in the form of a snoball stand. Eckerd Connects Workforce Development is offering this opportunity in partnership with Acadiana Workforce Solutions.

Key Points: 
  • Eckerd Connects Workforce Development is offering this opportunity in partnership with Acadiana Workforce Solutions .
  • This pilot program is giving up to 50 Acadiana youth a chance to work with Sneaux on the Geaux as a fully functional business.
  • In addition to providing a sweet and cool treat to the community, the youth participants are also being paid for their work experience.
  • Local residents may find Sneaux on the Geaux at special events, farmer's markets, festivals, and other community activities.

FinRegLab Identifies Urgent Needs in Preparing for Federal Student Loan Payment Resumption

Retrieved on: 
Wednesday, May 10, 2023
National Foundation for Credit Counseling, COVID-19, IDR, Student loan, Credit, Research, Education, Counselor, Presidency of Joe Biden, Bank

WASHINGTON, May 10, 2023 /PRNewswire-PRWeb/ -- FinRegLab today issued a research brief entitled ‒The Countdown Clock for Student Loan Forbearances– that highlights the need for quick action by consumers, federal agencies, servicers, and counselors to prepare for the August 2023 end of pandemic-era forbearances on federal student loans.

Key Points: 
  • The research brief outlines the urgent financial situation facing student loan borrowers.
  • While payment requirements and interest accrual on federal student loans have been suspended since March 2020, they are set to resume this fall.
  • That deadline has been overshadowed by court challenges to a Biden Administration program that would eliminate federal student loan debt for an estimated 20 million consumers.
  • Federal budget constraints are affecting call center resources, which increases the importance of educating student loan borrowers to take early action.

GreenPath Financial Wellness Adds New Affiliate: Consumer Credit Counseling Service of Puerto Rico

Retrieved on: 
Wednesday, May 3, 2023
Family, LGBTQ+, DEI (Diversity, Equity and Inclusion), Consumer, Personal Finance, Small Business, Other Professional Services, Finance, Other Education, Consulting, Foundation, Banking, Accounting, Professional Services, Education, Philanthropy, Other Consumer, Women, Seniors, Other Philanthropy, Men, Hispanic, National Foundation for Credit Counseling, NFCC, Organization, Credit counseling, Council, Knowledge, IDEA, COA, Management, Central Florida, Access, Accreditation

Effective today, GreenPath Financial Wellness , a national nonprofit that provides financial counseling and debt management services, is affiliating with Consumer Credit Counseling Service of Puerto Rico (CONSUMER) , a nonprofit financial education and counseling organization based in San Juan, Puerto Rico.

Key Points: 
  • Effective today, GreenPath Financial Wellness , a national nonprofit that provides financial counseling and debt management services, is affiliating with Consumer Credit Counseling Service of Puerto Rico (CONSUMER) , a nonprofit financial education and counseling organization based in San Juan, Puerto Rico.
  • Together, GreenPath and CONSUMER will offer increased support to the 3.2 million people who call Puerto Rico home – helping them balance their budgets, reduce debt, rehabilitate their credit, acquire their first home, recover from storms, and regain financial peace of mind.
  • Both organizations are members of the National Foundation for Credit Counseling (NFCC) and are accredited by the Council on Accreditation (COA).
  • CONSUMER clients can expect the same local, in-person service and will also have access to expanded counseling programs and new technology tools through GreenPath.

Synchrony Joins Operation HOPE's National 'Financial Literacy for All' Initiative

Retrieved on: 
Thursday, April 27, 2023
National Foundation for Credit Counseling, Workforce, OCC, Operation Hope, Partnership, NFCC, Education, Life, Comptroller, HOPE, Miss America (Saving Abel album), Movement, Literacy, Organization, Credit counseling, Currency, GE Capital, Operation, Financial literacy, Rain, Project, Equalizer, Consumer Federation of America, Health, Credit, NYSE, Management, Renewable energy, Bank, Insurance, Synchrony

STAMFORD, Conn., April 27, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, today announced it has become a member company of Financial Literacy for All (FL4ALL) – a national initiative dedicated to embedding financial literacy into American culture.

Key Points: 
  • STAMFORD, Conn., April 27, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, today announced it has become a member company of Financial Literacy for All (FL4ALL) – a national initiative dedicated to embedding financial literacy into American culture.
  • Alongside member organizations, Synchrony will continue to champion financial resiliency, literacy, and capability.
  • America Saves Week: Synchrony participates in America Saves Week, an initiative of the nonprofit Consumer Federation of America.
  • Partnership with National Foundation for Credit Counseling: Synchrony continues its longtime partnership with the National Foundation for Credit Counseling (NFCC).

Survey: Military Households More Severely Impacted by Inflation

Retrieved on: 
Tuesday, April 18, 2023
National Foundation for Credit Counseling, Partnership, NFCC, Attention, Veteran, The Harris Poll, Credit counseling, Consumer, Spouse, Wells Fargo, Bank

WASHINGTON, April 18, 2023 /PRNewswire-PRWeb/ -- The 15th annual Consumer Financial Literacy Survey conducted by The Harris Poll on behalf of the National Foundation for Credit Counseling (NFCC) and the Wells Fargo Foundation has revealed that military households are experiencing more negative effects of inflation than the general population. When asked specifically about areas of personal finance impacted by inflation, the survey found that 22% of military servicemembers were unable to pay their monthly bills outside of rent/mortgage, loan or credit card payments during the 12 months prior to the survey, compared to only 13% of the general population. Additionally, 18% of military servicemembers, 16% of military spouses, and 11% of the general population missed at least one payment on a loan or credit card during the same period.

Key Points: 
  • Additionally, 18% of military servicemembers, 16% of military spouses, and 11% of the general population missed at least one payment on a loan or credit card during the same period.
  • These findings suggest that military households are facing a distinct set of circumstances when managing their finances in an inflationary period.
  • The rising cost of goods and services, coupled with economic volatility, is making it increasingly difficult for military families to make ends meet.
  • More broadly, the survey found that many military households are struggling to find economic relief and assistance options.

New Study Traces Unprecedented Use of Short-Term Payment Relief During the Pandemic to Assist Consumers Struggling with Credit Card Debts

Retrieved on: 
Thursday, January 19, 2023
Credit counseling, Insurance, Unemployment, Distress, CRA International, National Foundation for Credit Counseling, Topical steroid withdrawal, Ohio State University, Policy, Associate, DMPS, Research, NFCC, Life, Bank, Real estate, Credit, Experian

WASHINGTON, Jan. 19, 2023 /PRNewswire-PRWeb/ -- A new study finds that more consumers obtained short-term payment relief on their credit cards during the first 18 months of the pandemic than on any other type of loan except student debt, where forbearances were mandated by federal law. The study also finds evidence that pandemic relief initiatives may have reduced damage to the credit reports of consumers who sought long-term assistance through credit counseling and debt management programs.

Key Points: 
  • The study also finds evidence that pandemic relief initiatives may have reduced damage to the credit reports of consumers who sought long-term assistance through credit counseling and debt management programs.
  • Consumers who sought counseling during the pandemic differed significantly from consumers who sought counseling in 2017 through early 2020.
  • Consistent with greater financial distress, consumers who sought counseling were much more likely to obtain pandemic forbearances than the general population.
  • For millions of Americans, unmanageable credit card and loan balances can become barriers to financial stability and personal savings growth.