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GREENPATH DEBT SOLUTIONS RELEASES FIRST MONTH FINDINGS ON BENEFITS OF CREDIT CARD ACT
Nearly 4,000 calls received in the first month; Payment grid and toll-free number helpful
(FARMINGTON HILLS, MI – March 22, 2010) GreenPath Debt Solutions, a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns, recently released information related to credit card statement changes that took effect on February 22.
Overall, GreenPath has found that people calling as a result of new information on their statement are more aware of their unsecured debt and the overall impact (interest, length of time to pay off debt, etc.) it will have on their financial situation.
Credit card statements now tell card holders how much interest they would pay and how long it would take to pay off their balance paying only the minimum amount each month, compared with how much they would need to pay each month to liquidate the balance in three years and how much interest they would save.
In the first month since new parts of the CARD Act took effect, GreenPath Debt Solutions has received nearly 4,000 calls from credit card consumers with credit related inquiries.
“In general, callers are willing to go through our initial GreenPath assessment, because, when they see on their statements how long it will take to pay off the debt at their current rate, they want help,” said Candy Wright, GreenPath immediate counseling group manager.
Wright believes that the toll-free credit counseling number on the credit card statement has been beneficial. “A few clients stated that they have always thought about calling for help but did not know really where to go about it,” she remarked. “Having the number in front of them helped make it easy to at least start the process and see what credit counseling can do for them.”
Likewise, Andrew Metry, manager of GreenPath’s First Contact Center, echoes the effectiveness of the phone number. “The convenience of having a phone number documented on credit card statements is a big help, because many consumers are always on the go and don’t have the time to complete their own research.”
“We do answer a lot of questions and concerns. People are curious about how debt management works versus debt settlement and how they can manage their credit better,” remarked Metry.
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GreenPath Debt Solutions is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns. Their customized services and attainable solutions have been helping people achieve their financial goals since 1961. Headquartered in Farmington Hills, Michigan, GreenPath operates more than 50 full-time branch offices in Michigan, New York, New Hampshire, Colorado, Florida, Texas, Vermont, Illinois, Indiana, Wisconsin, Arizona and Wyoming. GreenPath also delivers licensed services throughout the United States over the Internet and telephone. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and is accredited by the Council on Accreditation (COA). For more information, visit www.greenpath.org.