Fagre Arlowe Emphasizes Benefits of Working with Creditors
Yesterday, Danielle Fagre Arlowe, AFSA’s Senior Vice President, was a panelist at the Consumer Financial Protection Bureau (CFPB)’s Evolutions in Debt Relief Convening. The purpose of the event was to explore options for borrowers facing unmanageable debt and limited access to credit. AFSA appreciates the CFPB addressing the problems consumers face from working with debt settlement companies.
Fagre Arlowe was on a panel that discussed debt relief options available through creditors. She talked about the benefits of customers working with their creditors to address outstanding debts as opposed to resorting to debt settlement providers. AFSA has been particularly concerned with the rise of debt settlement companies who attempt to lure consumers into renegotiating their debt with them on the premise that they will settle or alter the terms of the person’s debt with a creditor. Unfortunately, through exorbitant fees and other predatory actions, consumers often end up paying significantly more and face damage to their credit scores, further reducing their future options for credit and increasing its cost.
March 11th, 2020 by Dan Bucherer