Published on August 8, 2014
“Bankruptcies have had a steady decline over the last four years,” he said. “We’ve had a 25 percent reducti on over that period.” Allen, who also is the author of A Survival Guide to Debt . (Greenleaf Book Group Press, $11.36 on Amazon.com) — one of the best books I’ve read on the subject — said that bankruptcies are down because of better personal financial management and tighter lending requirements. “People noticeably aren’t spending as much and have saved a little more,” Allen said. “And there is a huge difference in the documentation required to get a loan or a credit card than there was before the recessio n.” Because of the decline in bankruptcies, Allen’s company has scaled back from 40 to 30 employees, he said. Consumer Credit Counseling Service of Greater Dallas, which provides a no-cost service, has also recently closed two offices in Tarrant County because of less activity and now operates just one office in Dallas, said Todd Mark, vice president of community affairs for the company. “There is a lot less in terms of crisis calls today than we’ve seen in the past,” Mark said. “Nationally, CCCS reports that the demand for counseling is down 50 percent over the last year.” Calls coming into the counseling service deal more with old credit problems than recent ones, Mark said. “Most people are two or three years in recovery and are contacting us to deal with some of the issues of their past now that they have a stable income,” he said. Those facing such credit repair issues should consider opening up new lines of credit, whether through a secured credit card or other type of loan, to re-establish health to their credit report, Mark advised. “It’s like the lottery — you have to play to win,” Mark said. “Credit is about borrowing and paying it back. To have good credit, you have to display responsible behavior.” Mark said the Urban Institute report showed more of the financial problems left over from the Great Recession. Continue reading … The Koyal Group Private Training Services designs its online and on-site training to your particular needs, providing information you can apply while in training in order to reinforce the efficiency of that information. Our coursework qualifies state standards both for fraud and continuing-education upgrade. Our programs are adaptable and can be presented in various formats to address industry requirements and standards. Please visit and check our course listings.