National Foundation for Credit Counseling Releases Results on Credit Counseling Study

A study conducted at the Ohio State University to exam the effectiveness of the Sharpen Your Focus Initiative found that Sharpen clients performed better in various credit outcomes, showing considerable improvements in levels of total and revolving debt, money management skills, as well as increased financial confidence when compared to a control group of consumers who did not receive financial counseling.

The Sharpen Your Financial Focus initiative was launched in 2013 with the ultimate goal of helping consumers achieve long-term financial stability.

A comparative evaluation done by researchers at Ohio State University involved matching a group of Sharpen clients to a group of non-counseled individuals. Results of the groups were measured at the beginning of the quarter before counseling and 24 months after counseling. Sharpen clients displayed significant improvements not only in available liquidity, but also overall debt balances and rotating debt levels. For example, during the 18 months post counseling, Sharpen clients indicated a significant decreased their revolving debt by almost $6,000, almost 50 percent less than the non-counseled group. In addition, Sharpen clients also noted a reduction in total debt by $11,300 more whereas the non-counseled group had actually shown a slight increase overall debt.

A survey done by Sharpen Clients concluded that the program has positively impacted their financial lives with better money management skills, the ability to setting financial goals, and also improved their overall financial confidence. To read more, please click here.

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