American Association of Credit Counselors

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Historical Mentions of the American Association of Credit Counselors

The following in a listing of historical mentions of the American Association of Credit Counselors.

December 26, 1957 – Panama City Herald

“Too many persons become frantic in the Christmas rush, so they spend more money than if they had planned carefully,” said Price and Martha Patton, authors of a book, “Freedom From Money Worries.” The Pattons, here on a visit from Highland Park, Ill., advised starting now to save a little Christmas money each month.

“It’s an old plan, but it works if you save the right way,” they said. Patton has advised thousands of couples as president of the American Association of Credit Counselors and director of the Financial Adjustment Co. in Chicago.

April 11, 1958 – Cedar Rapids Gazette

False, says the former president of the American Association of Credit Counselors. Many people feel that the more money they have, the higher standard of livIng they must keep. This Is a strain on a marriage that continues regardless of the size of the income. It isn’t the amount of money you have, but the way you spend it that counts.

August 5, 1959 – San Mateo Times

The past president of the American Association of Credit Counselors says, “Co-sign only if you’re willing to pay the entire bill yourself.” Regardless how much you trust the friend or relative who asks for your help, something may prevent his repayment. Co-signing makes you responsible for the entire obligation. Before co-signing, ask yourself if you’re really willing to do this.

March 4, 1960, – Lowell Sun

If your bills are pressing, talk it over with your employer, your credit union manager, or one of your more considerate creditors. Call the Better Business Bureau or the Chamber of Commerce. Don’t answer the first ad appealing to you.

By all means, get help if you need it—your family must be considered, too, and you don’t want to lose your job or your personal property, but check the reputation of the adjuster or counselor. Some have been in business more than 30 years and can be of real help. Most good firms of this kind belong to the American Association of Credit Counselors, 408 Keith Building, Cincinnati, Ohio.

Members of the association are pledged not to collect fees in advance or charge your creditors, and they must not run misleading ads. Their rates vary from 10 to 15 per cent of debts listed; never more than that even if it takes three years to get a person out of debt.

July 18, 1960 – Lowell Sun

We felt, and still do; that this type of service is absolutely essential in an economy promoting easy credit and high interest rates. Crime, divorce, and poverty are the end results of perpetual, overwhelming debt.

A handful of other people around the country felt the same way, so Ihe American Association of Credit Counselors was formed, to promote ethical standards, regulatory laws, and efficiency of operation.

May 19, 1961 – The Hammond Times

The Northwestern National Life Insurance Company of Minneapolis, Minn., got curious about consumer solvency, so its Family Economics Bureau engaged in some research. The researchers wrote to loan managers, referees in bankruptcy, and credit counselors belonging to the American Association of Credit Counselors.

August 14, 1968 – Oakland Tribune

Spiraling Credit Up To Parley

“Spiraling Credit Overextension: It’s Causes, Hazards and Cures” will be the theme of the first annual institute of the American Association of Credit Counselors which will be held Aug. 23-24 at the University of San Francisco.

The conference on credit will open with a welcome address by Dean William J. Regan of USF College of Business Administration in the Harney Science Center.

Luncheon speakers on Friday Aug. 23, will be John D. Sutorius, division commercial manager, Pacific Telephone. Municipal Judge Joseph G. Kennedy, chairman of the S.F. Economic Opportunity Council, will speak at the Saturday luncheon.

Morris Rabinowitch, program chairman and president of the California Association of Credit Counselors, said that a San Francisco survey showed 41.000 garnishment writs in 1967-68 cost local employers some $700,000 plus employes’ time off the job.

AACC Fades Away

In the 1980s the AACC faded away.

AACC Reborn

The AACC is brought back to life in 2010.