NFCC | Jotup

Survey: Financial Anxiety Soars as Americans Doubt Ability to Reach Goals

Retrieved on:

Tuesday, April 2, 2024

Newsroom, Credit counseling, Credit, Senior counsel, NFCC, Wells Fargo, Fear

WASHINGTON, April 2, 2024 /PRNewswire-PRWeb/ -- As National Financial Capability Month begins, the National Foundation for Credit Counseling® (NFCC) today released the results of their latest Harris Poll survey, conducted among 2,000 U.S. adults ages 18 and over. In its 17th year, the survey provides a snapshot of the American consumer's level of knowledge as it relates to financial capability, as well as behavioral and attitudinal trends associated with personal finance. The 2024 survey is sponsored by the Wells Fargo Foundation.

Key Points:

"This year's survey once again confirms what we already know: there is a significant need for financial education and counseling.
"This year's survey once again confirms what we already know: there is a significant need for financial education and counseling.
"Financial education empowers people to make informed financial decisions and overcome challenges standing in the way of their long-term goals."
This pervasive anxiety is hindering long-term financial planning, with around half feeling uncertainty makes achieving their goals impossible.

NFCC Financial Stress Forecast℠ Predicts Growing Consumer Discomfort in First Quarter of 2024

Retrieved on:

Thursday, February 22, 2024

Public Policy, Government, Other Retail, Finance, Other Policy Issues, Banking, Small Business, Professional Services, Retail, Federal, NFCC, JPMorgan Chase, Hearing, Federal Reserve, Food

Despite an easing of inflation and reports of improved consumer confidence, the NFCC Financial Stress Forecast℠ indicates that American families are feeling their budgets stressed even more during the first quarter of 2024 than at any time in the last three years.

Key Points:

Despite an easing of inflation and reports of improved consumer confidence, the NFCC Financial Stress Forecast℠ indicates that American families are feeling their budgets stressed even more during the first quarter of 2024 than at any time in the last three years.
The NFCC Financial Stress Forecast℠ is predicted to increase to 5.3 during the first quarter of 2024, up from 4.8 on a 10-point scale during the fourth quarter of 2023.
This marks the highest the score has been since the first quarter of 2021, the earliest time tracked by the forecast.
Perhaps most importantly, it can predict the economic sentiment of consumers in the next quarter, barring any government stimulus or other intervening action.

NFCC Consumer Debt Score℠ at 64 For Q3 2023

Retrieved on:

Monday, November 20, 2023

The NFCC Consumer Debt Score℠, which gauges how comfortable average Americans are with their level of unsecured debt, saw a moderate decline to 64 during the third quarter of 2023, a sign that more Americans have been able to both create a budget and live within it.

Key Points:

The NFCC Consumer Debt Score℠, which gauges how comfortable average Americans are with their level of unsecured debt, saw a moderate decline to 64 during the third quarter of 2023, a sign that more Americans have been able to both create a budget and live within it.
The first of its kind, the NFCC Consumer Debt Score℠ utilizes proprietary data provided by member agencies of the NFCC.
While this is the first public release of the NFCC Consumer Debt Score℠, it utilizes millions of data points going back to the first quarter of 2018.
The development of the NFCC Consumer Debt Score℠ was funded by JP Morgan Chase.

Breaking Barriers: NFCC Unveils Game-Changing Video Counseling Program, Revolutionizing Debt Relief and Empowering Bay Area Residents

Retrieved on:

Tuesday, December 5, 2023

LendingTree, Way, Housing, Immediate, Privacy, Financial independence, EAH Housing, Counselor, Partnership, HPN, NFCC, Knowledge, Quality of life, Credit counseling, Face, Cathedral Gardens

RICHMOND, Calif., Dec. 5, 2023 /PRNewswire-PRWeb/ -- The National Foundation for Credit Counseling (NFCC), in partnership with the Wells Fargo Foundation and EAH Housing, is thrilled to announce the upcoming launch of a pilot program aimed at providing video counseling services to individuals struggling with debt and housing insecurity. Location-based video counseling is an outgrowth of a Wells Fargo Foundation initiative which paired Housing Partnership Network (HPN) multi-family properties with credit counseling resources from the NFCC. EAH Housing has been a member of HPN's affordable housing network since 2014. This innovative program leverages technology to connect individuals in need with certified counselors in a secure face-to-face setting. Richmond, CA is among the first communities to be served by this expanding program.

Key Points:

Location-based video counseling is an outgrowth of a Wells Fargo Foundation initiative which paired Housing Partnership Network (HPN) multi-family properties with credit counseling resources from the NFCC.
With over 60 million Americans grappling with debt, the demand for nonprofit credit counseling services has never been greater.
The NFCC recognizes the challenges that individuals face when seeking debt management assistance and aims to reduce barriers and stress through its innovative video counseling program.
"We are committed to empowering individuals in our community to overcome debt and housing insecurity," said Mike Croxson, CEO of the NFCC.

A Closer Look into Debt Relief Services with 3D Chess Media: Empowering Financial Literacy and Revamping Credit Scores

Retrieved on:

Friday, October 27, 2023

Online, Financial management, Knowledge, Learning, LAS, Creditor, DMP, FCAA, Accreditation, Counselor, NFCC, Credit, Construction, Tutoring, Financial services, Insurance, Bank

LAS VEGAS, Oct. 26, 2023 /PRNewswire/ -- In financial management, knowledge is paramount, and a commendable credit score is essential. The best debt settlement companies do more than negotiate debts; they champion overall financial health. Their primary offerings? Educational resources and credit counseling. Here's a concise overview:

Key Points:

Delve into the process, benefits, and considerations to ensure effective debt management and long-term financial literacy, aiding in your journey towards financial stability.
LAS VEGAS, Oct. 26, 2023 /PRNewswire/ -- In financial management, knowledge is paramount, and a commendable credit score is essential.
Debt relief services, with their educational resources and credit counseling, are not just about addressing current financial challenges but also fostering a sustainable financial future.
Choosing the right service ensures a holistic approach to financial literacy and a path toward lasting financial prosperity.

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

Retrieved on:

Wednesday, October 25, 2023

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.

NEC to supply East Micronesia Cable System (EMCS)

Retrieved on:

Tuesday, June 6, 2023

NEC, FSM, Justice, NFCC, Friends, Internet, National Exhibition Centre, BNL, Republic, Pohnpei, EMCS, Water, Economic development, TSE, Electricity, Communications satellite, Pacific Ocean, Tarawa

TOKYO, June 6, 2023 - (JCN Newswire) - NEC Corporation (NEC; TSE: 6701) has signed a contract with FSM Telecommunications Cable Corporation (FSMTCC), based in the Federated States of Micronesia (FSM), BwebwerikiNet Limited (BNL) of the Republic of Kiribati, and Nauru Fibre Cable Corporation (NFCC) of the Republic of Nauru for construction, supply and installation of the optical fibre submarine cable system to be called East Micronesia Cable System (EMCS).

Key Points:

TOKYO, June 6, 2023 - (JCN Newswire) - NEC Corporation (NEC; TSE: 6701) has signed a contract with FSM Telecommunications Cable Corporation (FSMTCC), based in the Federated States of Micronesia (FSM), BwebwerikiNet Limited (BNL) of the Republic of Kiribati, and Nauru Fibre Cable Corporation (NFCC) of the Republic of Nauru for construction, supply and installation of the optical fibre submarine cable system to be called East Micronesia Cable System (EMCS).
This is the first submarine cable connection for the islands of Tarawa (Kiribati), Nauru and the state of Kosrae (FSM).
The East Micronesia Cable System Project is supported by the governments of Australia, Japan and the United States, and will be implemented with grant funding from the three countries.
We are excited to have entered into an agreement with a very experienced and industry-leading corporation, NEC, for the construction, supply and installation of the submarine cable.

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.

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

Retrieved on:

Wednesday, May 3, 2023

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.