Coloradoan.com

Consumer Credit Counseling Services is acquired

12:35 AM, Apr. 20, 2011
Written by Pat Ferrier
Link to actual article at Coloradoan.com 

Consumer Credit Counseling Services found itself at a crossroads recently. Revenue was dropping at the same time more people were seeking help during the economic recession.

The volunteer board of the nonprofit faced a difficult choice: cut services or find another way out of its dilemma.

On Tuesday, CCCS announced the organization had "been acquired" by GreenPath Debt Solutions, a Michigan-based nonprofit credit counseling agency.

"This was by far the best option," said CCCS executive director Sara Gilbert, who now becomes manager of the Fort Collins office that serves Northern Colorado and southeastern Wyoming.

"The board was looking at our ability to provide services in a difficult economy. They were looking at ways for us to continue serving our communities," she said.

"Basically, we were going to have to cut back something during the downturn," she said. With increased need and decreased funding, the board found it distasteful to cut services.

With the acquisition, which Gilbert said is more like a merger, CCCS will continue providing services and is looking at expanding services in Northern Colorado.

Consumer Credit Counseling benefits from having a larger organization that can provide human resources, payroll, accounting and marketing functions that her office had been doing, Gilbert said.

"We get some help from a partner that allows us to increase our services without increasing our budget," Gilbert said.

CCCS employs the equivalent of 15 full-time workers; no jobs were lost in the merger.

"Some people have different job titles and duties," she said.

GreenPath has 57 offices in 12 states as well as offering Internet and phone-based services.

"CCCS of Northern Colorado and Southeast Wyoming's long history of providing local services will continue and expand under the GreenPath name," said Jane McNamara, president and CEO of GreenPath Inc., in a statement.

Clients will see little difference in the agency, Gilbert said. "We're still doing budget counseling, debt management advice, classes. It's business as usual."