Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Filene report offers new concept in debt relief
MADISON, Wis. (7/8/08)--Credit unions seeking information about debt relief for their members can reference a new report from the Filene Research Institute on Responsible Debt Relief (RDR). Robert D. Manning, director, center for consumer financial services at the Rochester Institute of Technology, has released “Responsible Debt Relief: An Algorithmic Assessment of Household Debt Capacity and Repayment Capability.” The key to a successful RDR system is the objective and statistically precise estimate of consumer debt capacity and debt repayment capability, according to Manning. His Responsible Choice program, based on an algorithm that estimates household debt capacity and repayment capability, classifies individual consumers into tested debt management programs. “The RDR algorithm improves the efficiency of the overall system of consumer debt management programs by guiding consumers to the plans that best match their financial situation,” said George Hofheimer, Filene chief research officer. RDR applies to households that do not qualify for an accredited Consumer Credit Counseling Service. Many of those households often enroll in nefarious debt settlement programs or file for consumer bankruptcy, Filene said. Household debt has grown to more than $13 trillion in 2008, from less than $4 trillion in 1990. Current home mortgage debt is $10.5 trillion, compared with $2.5 trillion during the same time period. Credit card debt also has quadrupled to $950 billion.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
1 hour ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
21 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago