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
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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
Vice President of Counseling and Delivery Services
President and CEO
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!”
Let’s Compare . . .What Does The Typical Credit Counseling Client Look Like Today Compared To Yesterday?
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.
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.
Jan 2007 - Jan 2009
*INCREASE OVER 2008