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Home > Financial Services > Debt Services > Consumer Credit Counseling Service of Los Angeles

Consumer Credit Counseling Service of Los Angeles

Mr. Lake joined Consumer Credit Counseling Service of Los Angeles after 20 years of senior level management experience in the financial services sector, most recently as executive vice president and western group regional manager for Fleet Capital Corporation in Los Angeles. He was previously with Barclays Bank in New York and First National Bank of Johannesburg, South Africa.

More than 50percent of U.S. families live on a paycheck to paycheck basis. Americans carry, on average, 5,800 dollars in credit card debt from month to month. If one were to make only the minimum payment on that debt every month, it would take 30 years to pay off and include an additional 15,000 dollars in interest. The median amount of total debt due was 23,400 dollars in 1995 and jumped to 33,300 dollars in 1998. Delinquencies recently hit a 29 year high. Over 40 percent of US families spend more than they earn.

Consumer Credit Counseling Service of Los Angeles CCCS LA, the oldest and largest nonprofit organization dedicated solely to budget counseling, money management and homeowner advice. There have 16 branch offices through the Los Angeles area.

Established in 1966, it helped over 27,000 consumers last year to prevent and solve personal money management difficulties and to develop personal finance knowledge through education, confidential counseling and debt repayment plans. CCCS works with clients to set up a debt payment plan collects monthly payment that it forwards to creditors minus a small commission that covers operating costs. The attraction for those in debt is CCCS has the influence to obtain the cooperation of creditors, sometimes reducing or eliminating interest charges, and for the creditor, the opportunity to receive payment at all, rather than having to accept a bad debt.

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