Financial Education and Counseling Identified as Key Solutions to Debt Relief Issues

CFPB event titled, “Evolutions in Consumer Debt Relief” attracted a cross section of industry speakers to address unsecured debt, limited credit options and solutions for consumers in distress.

3/10/2020 11:30 AM

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Financial Education and Counseling Identified as Key Solutions to Debt Relief Issues

The Consumer Financial Protection Bureau along with various consumer debt relief representatives gathered in Washington, D.C., Tuesday to discuss workable solutions for consumers facing unmanageable unsecured debt and limited credit options. Panelists for the event titled, “Evolutions in Consumer Debt Relief,” included creditors, consumer advocates and bankruptcy experts, as well as providers of debt settlement, debt management and credit counseling services.

The Importance of Consumer Education

Creditors and third-party industry panelists expressed concerns about inadequate consumer financial education, particularly for individuals who end up in financial distress.

 “When you look at consumers expressing distress and you think about the financial tools and services out there for those folks, there really is no place for a consumer who has debt to get unbiased financial advice. There's no Charles Schwab designed for distress,” said Alex Mooradian, of Resolve Innovations, a fintech company that provides financial management platform for consumers.

Diana C. Banks, senior counsel, American Bankers Association, said broad consumer financial education would be a remedy for consumers, noting, “[assistance] would come with elements of financial education and counseling, therefore keeping consumers out of trouble.”

She suggested training to assist consumers in budgeting and living within their means.

The panelists agreed that consumer education takes time and the pace of information needs to be slower because of the complexity involved in the debt relief market.

The complete event video and the agenda of the event can be accessed here.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Financial Education and Counseling Identified as Key Solutions to Debt Relief Issues

The Consumer Financial Protection Bureau along with various consumer debt relief representatives gathered in Washington, D.C., Tuesday to discuss workable solutions for consumers facing unmanageable unsecured debt and limited credit options. Panelists for the event titled, “Evolutions in Consumer Debt Relief,” included creditors, consumer advocates and bankruptcy experts, as well as providers of debt settlement, debt management and credit counseling services.

The Importance of Consumer Education

Creditors and third-party industry panelists expressed concerns about inadequate consumer financial education, particularly for individuals who end up in financial distress.

 “When you look at consumers expressing distress and you think about the financial tools and services out there for those folks, there really is no place for a consumer who has debt to get unbiased financial advice. There's no Charles Schwab designed for distress,” said Alex Mooradian, of Resolve Innovations, a fintech company that provides financial management platform for consumers.

Diana C. Banks, senior counsel, American Bankers Association, said broad consumer financial education would be a remedy for consumers, noting, “[assistance] would come with elements of financial education and counseling, therefore keeping consumers out of trouble.”

She suggested training to assist consumers in budgeting and living within their means.

The panelists agreed that consumer education takes time and the pace of information needs to be slower because of the complexity involved in the debt relief market.

The complete event video and the agenda of the event can be accessed here.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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