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The National Foundation for Credit Counseling says it is experiencing record calls from distressed borrowers caught in the economic crisis, forcing the organization to increase its staff to handle the unprecedented volume. The Silver Spring, Md.-based nonprofit, which assists distressed borrowers in reaching workout programs with credit card and mortgage lenders, says telephone calls in October to its toll-free telephone number connecting consumers with local credit-counseling agencies were up 70% over the same month a year ago. Telephone calls to the foundation for the first 10 months of this year were up 31% compared to 2007. Visits to the foundation's Web site through Oct. 31 were up nearly 30% over the same period a year earlier. The foundation says it has boosted the number of credit counselors it employs by 10% to about 2,600 to cope with the increased volume this year. It also has increased housing counselors by 25% to about 1,600. Altogether the foundation assisted 2.3 million consumers last year and this year it expects to serve at least 2.5 million. "Every week we are setting new records for calls from distressed borrowers. Usually at this time of year it gets quiet and calls slow, as consumers prepare for the holidays. We have never seen anything like this volume," Cunningham says.
