Article
The Financial Counseling Industry: Past, Present, and Policy Recommendations
Journal of Financial Counseling and Planning
(2018)
Abstract
Financial counseling plays an important role for low- and moderate-income Americans and deserves more attention from leaders in the field. As financial counseling has evolved, the providers have been challenged to find a model that is both borrower centered and sustainable. This article provides a diagnosis of the failures and challenges in the financial counseling field, as well as a discussion of steps through which the providers could optimally serve families in need. These steps include (a) enhanced funding of the industry as a result of a recognition by financial stakeholders that it would be beneficial for them if the counseling industry was markedly improved; (b) stronger training for counselors; (c) implementation of enhanced measurement tools so that both funders and consumer borrowers could choose their providers from an informed position; and(d) assertion of leadership by consumer advocates and the Consumer Financial Products Bureau in improving this industry.
Keywords
- counseling,
- financial distress,
- foreclosure,
- credit cards,
- bias,
- student loans
Disciplines
Publication Date
2018
Citation Information
David Lander. "The Financial Counseling Industry: Past, Present, and Policy Recommendations" Journal of Financial Counseling and Planning Vol. 29 Iss. 1 (2018) p. 163 - 174 Available at: http://works.bepress.com/david-lander/3/