WASHINGTON—The Consumer Financial Protection Bureau has announced a new Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt.
The research can help improve understanding of strategies that may help consumers avoid defaulting on their credit card debt and harming their credit reports, according to the CFPB. The CFPB said its research pilot will explore whether certain early intervention strategies can improve consumers' financial outcomes. This research may also help inform whether similar strategies could be effective for consumers facing default on other products such as home, auto, or other loans.