Study Shows Credit Counseling Works

Credit counseling positively affects consumer credit use and payment behavior, according to a three-year study released by The National Foundation for Credit Counseling (NFCC), Silver Spring, Md.

The study compares borrowers who received financial counseling using the NFCC method with a control group of similar borrowers who did not receive counseling.

Results show that those who received financial counseling using the NFCC method reduced their debt and improved their credit profile over the three years.

According to the study, the value attributable to counseling is demonstrated through significant improvements in credit scores, fewer late payments, lower credit card balances, and less frequent use of credit lines.

To find a credit counselor near you, contact Progressions Credit Union or the NFCC at 800-388-2227 or www.nfcc.org.

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