Credit Card Counselors Find Average Net Worth of Clients Negative
Atlanta-based Consumer Credit Counseling Service released an interesting statistic as part of an article about its housing counselors in the Atlanta Journal-Constitution:
“In 2007, the average client’s net worth was $23,569; today, that number is a negative: -$48,095.”
It would be interesting to know what caused that dramatic decline in net worth. Are clients waiting longer before seeking the help of the nonprofit counseling organization? Has the typical consumer calling for help changed? Or is the average American in need of debt assistance simply in far worse shape (to the tune of $60,000) then they were last year?
