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The Success and Failure of Counseling Agency Debt Repayment Plans

  • Daniel T Brown

    ()

    (Center for Applied Demography & Survey Research, University of Delaware, 290 Graham Hall, Newark, Delaware 19716, USA.)

  • Charles R Link

    ()

    (Department of Economics, University of Delaware, 408 Purnell Hall, Newark, Delaware 19716, USA.)

  • Michael E Staten

    ()

    (Retailing and Consumer Sciences, University of Arizona, McClelland Park Room 425G, 650 N, Park Ave, Tucson, Arizona 85721, USA.)

This paper investigates whether success on a counseling agency-administered Debt Management Plan (DMP), as measured by the amount of original debt repaid, can be predicted at the time of counseling based on observable client and debt attributes. The paper utilizes a unique database of over 17,000 consumers who were counseled and recommended for a DMP by a large non-profit credit counseling agency during 2003. Of particular interest to counseling agencies and creditors is the finding that the magnitude of the interest rate reduction offered by creditors to consumers on a DMP has a significant, positive influence on debt repayment.

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Article provided by Palgrave Macmillan in its journal Eastern Economic Journal.

Volume (Year): 38 (2012)
Issue (Month): 1 ()
Pages: 99-117

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Handle: RePEc:pal:easeco:v:38:y:2012:i:1:p:99-117
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