A New Phenomenon of the Boom

THE rocketing increase in consumer credit has brought new life to an old business: debt counseling. Hundreds of consultants (also called poolers, liquidators, lumpers, managers, proraters) have sprung up around the nation and, in radio and newspaper ads, sing a soothing song: "Cheer up! No matter how much you owe or how many creditors you have—we will take over, arrange everything so that a single regular payment you can afford takes care of everything." Some imply that they will lend the debtor enough money to pay off his debts. But all the counselors do is collect...

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