FamilyMeans compares consumer credit notes with South Korean company executives
Apr 15, 2011
STILLWATER, Minn., October 19, 2010 – FamilyMeans Consumer Credit Counseling Service (CCCS) had the opportunity to meet with executives from a South Korean nonprofit that, similarly to FamilyMeans, provides counseling, education and debt management programs to clients suffering from excessive debt or in need of help to resolve their credit problems.
The Korean nonprofit, called Credit Counseling and Recovering Service (CCRS), began in 2002 and currently has 23 branch offices throughout Korea with about 400 employees.
A meeting took place at FamilyMeans in Stillwater on Oct. 6 after both parties were introduced at the National Foundation for Credit Counseling national meeting, which was held in Minneapolis from
Oct. 4-6. The company’s chairman, along with another top executive, met with members of FamilyMeans including Arba-Della Beck, president; Jim Kroening, director of CCCS; and Kelly Hansen, CCCS operations manager.
The group noted the similarities and differences between the U.S and South Korea. The Korean program allows for eight years for a debt repayment program with all interest waived whereas in the U.S. plans are able to be set up for a maximum of five years, and creditors are not required to waive interest for the participants.
Additionally, an emergency loan program for debt repayment participants exists in South Korea; in the U.S. emergency savings are created within the clients’ personal budget plan.
The visitors from Korea also had a chance to tour FamilyMeans Stillwater location, see how its CCCS program was set up and learn about how FamilyMeans operates firsthand.
FamilyMeans is a community-based and community-supported nonprofit organization serving people of all ages, backgrounds and income levels. Last year more than 28,500 people sought help through FamilyMeans counseling and mental health services, financial counseling, collaborative divorce services, caregiver support services, youth enrichment programs, community and school programs and employee assistance program.