Digging beneath the surface helps
consumers succeed in debt repayment
Wednesday, March 29, 2006 -- For Immediate Release
Calgary - Almost $60 million in consumer debt has been repaid by
7,462 Albertans with help from Credit Counselling Services of Alberta
Ltd. (CCSA) over the past eight years. Client success rates continue
to be improved through close relationships and two research projects
that were outlined at the agency's annual general meeting on Tuesday,
"CCSA is dedicated to helping Albertans successfully manage
their personal finances," says Fran Smith, Executive Director
of CCSA. "We recognize that only through research will we know
whether we're moving in the right direction, and the results we're
seeing are very encouraging."
As the exclusive provincial provider of the Orderly Payment of
Debts program (OPD), CCSA has reduced the default rate of clients
on the program to 15 per cent since opening its doors in May, 1997.
The success is attributed to a number of factors, including extensive
screening/assessment and more counsellor support. As well, a long-term
client study which began in 2003 helps reveal changes in clients'
attitudes as they progress through the program. After two years,
results show an increase of almost 40 per cent who feel they know
how to manage their money and a 32 per cent increase in those accepting
some responsibility for their current financial situation.
Another research project discussed on Tuesday looks at OPD clients
who had taken on short-term loans through the payday lending market
(PLM). This study, funded by Industry Canada and conducted by The
Support Network and CCSA, shows that these clients have a greater
risk of defaulting from the program and that additional services
helped their success rates.
The OPD program is only one way CCSA has helped the 143,524 Albertans
who have contacted them for help in managing their money. Through
workshops, individual counselling, workbooks and tip sheets, the
web site and free information line, CCSA helps Albertans make positive
lifestyle changes for a brighter financial future.
Special guest speakers at Tuesday's AGM included Pran Bahl, president
of Credit Counselling Canada and Honourable Ty Lund, Minister of
Government Services. The event took place from 4:30 to 6:30 in the
Centennial Room of The Westin, Edmonton, 10135 - 100 Street.
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For more information, contact:
Diane Rennie Marketing & Community Relations
Calgary office: (403) 234 - 6184
Lily Nichols Communications Coordinator
Credit Counselling Services of Alberta
direct: (403) 234-6198
Suite 225, 602-11 Avenue SW
Calgary Alberta Canada T2R 1J8
Toll free 1-888-294-0076
Fax (403) 265-2240
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