Washington, DC – The recent study released by the Urban Institute reveals that 35% of Americans have accounts in collections. So what keeps consumers from reaching out for help?
“The National Foundation for Credit Counseling® (NFCC) member agencies assisted more than 1.5 million people last year with their financial concerns, but that is a only a fraction of the 77 million Americans who have debt in collections,” said Gail Cunningham, spokesperson for the NFCC. “It is a shame that so many are struggling financially when help is easily accessible and affordable.”
People may be hesitant to reach out for help due to misconceptions about financial counseling. Below are some of the false beliefs that consumers admitted in the 2014 NFCC Financial Literacy Survey:
There are severe financial consequences resulting from unmanageable debt, realities that should not be ignored. Consider the following:
Further, the stress of unmanageable debt has destroyed marriages, shattered families and contributed to lost jobs. No one ever scripts financial ruin as a part of their life plan, but when financial distress occurs, it is a very real part of a person's daily activities, as debt is a burden people carry with them 24 hours per day.
The NFCC, the nation’s largest and longest serving network of nonprofit financial counseling agencies, stands ready to help all American families who are struggling with financial issues, whether they be around debt, housing, foreclosure prevention or simply creating a workable monthly budget.
Don’t delay seeking help. Finding answers and solutions to your financial concerns starts by reaching out to a credit counselor today. To be automatically connected to a counselor now, dial (888) 864-8659, or visit American Financial Solutions’ website at www.myfinancialgoals.org.
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help millions of consumers through more than 600 community-based offices nationwide.