JACKSON — CredAbility reports that in 2010, 27,818 consumers participated in its Debt Management Plans (DMP) and paid back more than $122 million to their creditors. The $122 million is a record for the 47-year-old nonprofit credit counseling organization, and a 3 percent increase from the $118 million paid back in 2009.
“Many consumers are deciding to take control of their financial lives by working with their creditors to pay down their debt, even if it takes 36 months or longer,” said Vicki Williams, vice president of DMP services for CredAbility, which is based in Atlanta and has an office in Jackson. “They realize that this is a more responsible way to reduce debt and rebuild their credit compared to debt settlement or debt consolidation services offered by for-profit companies.”
CredAbility says that the consumers on its DMPs in 2010 had higher incomes, more credit card debt and were older than in previous years.
In 2010, the average income of a person on a DMP with CredAbility was $53,880, a 4 percent increase compared to 2009. Each person on a DMP in 2010 had an average of $24,266 in credit card debt, a 4.5 percent increase compared to 2009. The average age of a person on DMP in 2010 was 48, up from 45 years old in 2009.