WASHINGTON (5/23/14)--The National Foundation for Credit Counseling (NFCC) has provided a picture of the typical consumer who came to an NFCC member agency for financial counseling in 2013, offering credit unions a benchmark to identify members who may be in need of education and advice.
"More than 1.5 million consumers reached out to an NFCC member agency last year for answers and solutions to their financial concerns around debt, housing, budgeting and bankruptcy. Examining their financial profile can provide guidance for others, helping them determine their own level financial wellness," said Gail Cunningham, NFCC spokesperson.
Among the characteristics of consumers who sought financial counseling from an NFCC member agency in 2013:
"Consumers are smart to contact a trusted organization for financial help," said Cunningham. "However, the one mistake many of them have in common is that they wait too long to reach out for assistance. Delaying taking action allows the problem to escalate, often causing financial damage that could have been prevented."