Higher incomes seeking help from Consumer Credit Counseling Service of Greater Atlanta

[napi21]

Atlanta Business Chronicle
People seeking budget and debt counseling from Consumer Credit Counseling Service (CCCS) of Greater Atlanta in August had an average annual household income of $49,308, which is “far above” historic levels, the agency said Tuesday.

The income data is based on counseling sessions with 5,549 people in August who reported an average monthly income of $4,109, which is nearly 18 percent higher than the monthly income of people who sought credit counseling in August 2007. One year ago, people receiving the same kind of counseling had monthly incomes of $3,492.

The average person spent $638 for food and fuel in August -- 20 percent higher than in January.

Through the first eight months of 2008, the agency has conducted more than 37,000 budget and debt counseling sessions, a 39 percent increase compared to the same period in 2007.

“Rising unemployment, the continuing mortgage and credit crisis and rising food and fuel costs are causing people with good incomes to seek help paying their debt,” said Suzanne Boas, president of CCCS of Greater Atlanta, in a statement. “People with middle-class incomes are finding it more and more difficult to meet their financial obligations.”

Consumer Credit Counseling Service of Greater Atlanta is a nonprofit community-service agency that provides confidential budget counseling, money management education, debt management programs, bankruptcy counseling and education, and comprehensive housing counseling. The agency served more than 400,000 consumers in 2007, primarily from low- and moderate-income households, in all 50 states.
http://www.bizjournals.com/atlanta/stories/2008/09/22/daily29.html?t=printable

But Paulson says if Congress doesn't approve this bail out, there WILL be a "RECESSION"! Sorry guy, but IT ALREADY IS!