slide1 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Beware of what lies down the track! PowerPoint Presentation
Download Presentation
Beware of what lies down the track!

Loading in 2 Seconds...

play fullscreen
1 / 25

Beware of what lies down the track! - PowerPoint PPT Presentation


  • 111 Views
  • Uploaded on

Beware of what lies down the track!. It might be your Client!. CCCS is a nonprofit mission-driven 501 (C)(3) educational organization dedicated to providing consumer health through financial education We are the largest Virginia nonprofit credit counseling agency in the state of Virginia

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Beware of what lies down the track!' - vea


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide5
CCCS is a nonprofit mission-driven 501 (C)(3) educational organization dedicated to providing consumer health through financial education

We are the largest Virginia nonprofit credit counseling agency in the state of Virginia

We are the only credit counseling agency in the country that enjoys a national BBB membership

slide7

Ann Estes

Vice President of Counseling and Delivery Services

  • Former Vice President of Bank of America
  • Oversees 43 offices in 10 states
  • Over 25 years of experience in the financial sector
slide8

Chris Honenberger

President and CEO

  • Former President and CEO of Second Bank & Trust (now StellarOne)
  • Former Director and Chairman of Community Bankers Bank
  • Former member of Board of VBA
slide13
Claude & Clifford Client

Bankers as well as Financial Planners are seeing clients who:

Previously had a line of credit in place to use for home improvement, emergency use and contribute regularly to 401.

These clients have even increased the size of their HELOC and often have drawn the entire availability against the line.

Today, they often need to draw against the line for emergency purposes (loss job/reduction of income/under-employment).

A review of the loan application reflects an unacceptable debt to income level, 8 credit cards with high balances, as well as a declining credit score. DANGER – THEY CONSIDER 401s as a “pool of available funds!”

slide15

Let’s Compare . . .What Does The Typical Credit Counseling Client Look Like Today Compared To Yesterday?

15

slide16

2005

2009

Low to moderate income

College Graduate: 13%

Single: 55% vs. Married: 45%

Female: 63% vs. Male: 37%

8 Credit Cards/maxed, averaging $18,000 outstanding debt

Average Mortgage: $131,000

Average Car Loan(s): $20,000

1 out of every 12 people in the US have at least 1 payday loan.

Moderate/middle/upper income

College Graduate: 28%

Single: 52% vs. Married: 48%

Female: 68% vs. Male: 32%

10 Credit Cards/maxed, average $22,700 outstanding debt

Average Mortgage: $190,100

Average Car Loan(s): $30,295

1 out of every 8 people in the US have at least 1 payday loan.

clouds on the horizon
Clouds on the Horizon?

Jan 2007 - Jan 2009

Counseling Solutions

17

2009 january counseling sessions
2009 January Counseling Sessions

CREDIT

COUNSELING

5141

TOTAL

COUNSELING

7705

  • 12%
  • INCREASE*
  • 19%
  • INCREASE*

*INCREASE OVER 2008

slide21
Even highly educated clients are turning to:
  • Payday lenders
  • Finance / Rent to own companies
  • Prepaid / Preapproved credit scams
  • Debt settlement companies
  • Foreclosure
  • Bankruptcy