DFI Partner Spotlight: Bruce McClary from the NFCC

In the previous DFI Partner Spotlight, Jennifer Quiroz, Executive Director of the Financial Empowerment Network (FEN) shared an encouraging message regarding credit and the numerous free or low-cost resources to help people with addressing their concerns regarding credit. In this final March 2023 installment of the series, Bruce McClary from the National Foundation for Credit Counseling emphasizes the importance of educating ourselves about credit, so we can make informed decisions that support our financial goals.

Bruce McClary from the National Foundation for Credit Counseling

Bruce McClary serves as Senior Vice President of Membership and Communications for the National Foundation for Credit Counseling or NFCC. Prior to his current role with the NFCC, Bruce worked as a certified financial educator, helping people understand key issues about money management.

During our conversation, Bruce expressed that learning about the factors that affect our credit scores, such as payment history, credit utilization, and length of credit history will help us choose products that align with our needs and budget, so we can avoid high levels of debt or financial stress.

What motivated you to begin working in financial education?

Long before I became a nonprofit credit counselor, I was fresh out of college and scrambling to find work in a challenging job market. A good friend of mine was working for a debt collection agency, and she helped me find employment. I had little interest in that type of work, but I needed a paycheck. While I never warmed up to the idea of being a debt collector, I grew to appreciate the job as a learning experience on the ground floor of the lending and credit industry. I also picked up some important personal lessons about budgeting and debt management.

While working as a collector, I learned for the first time about the National Foundation for Credit Counseling and nonprofit credit counseling. I occasionally made good use of that awareness as I moved from debt collection to small-dollar consumer lending and eventually to the mortgage business. It was later that another friend of mine became a nonprofit credit counselor at a local agency – affiliated with the NFCC. Her work inspired me to think about ways that I could help others by sharing my knowledge of the lending and debt collection business.

Can you give an overview of the National Foundation for Credit Counseling?

The National Foundation for Credit Counseling is a nonprofit organization dedicated to improving the financial well-being of consumers nationwide. For over 70 years, NFCC has provided inclusive access to credit counseling and a range of services to support financial education. Our one-on-one financial counseling helps those struggling to make ends meet, including those behind on credit card and consumer loan payments, by offering affordable solutions for debt management.

We also offer support for renters looking to become homeowners, assistance for homeowners facing foreclosure, counseling for entrepreneurs and small business owners, to help them manage personal finances while supporting their businesses, and solutions for student loan borrowers seeking affordable repayment options.

Many immigrant communities rely on entrepreneurship. What message might you share with immigrant communities in Washington who are entrepreneurs?

I can't even imagine how complicated, confusing and challenging it can be for someone who's an immigrant coming in from a country where there's a whole different system for running a business. There is a whole different process for managing personal finances and having to quickly adapt in order to be able to — not just survive — but hopefully thrive.

There are resources available on the NFCC website that address personal finance topics and topics related to entrepreneurs, small business owners, and people in the gig economy that can provide more information and more insight into how things work right now in the business environment and managing personal finances.

And then if you want to take that next step and connect with a counselor, the resource is also available on the website by clicking Connect With a NFCC Credit Counselor or by calling the toll free number 1-800-388-2227 to get some more personalized assistance with your questions.

What is your take on partnerships?

When it comes to consumer protection and well-being, I think it’s essential to appropriately collaborate with mission-aligned companies and organizations. For the NFCC, that approach is especially impactful for programs focused on underserved and low-income communities. This type of collaboration can help us continue our mission to create a welcoming and inclusive environment where everyone has access to financial education and tools that empower them to overcome challenges and reach their financial goals.

How has the NFCC leveraged partnership and relationship building to enhance financial education?

NFCC has existing partnerships with various banks, lenders, creditors and others from the financial service sector to make a significant impact. A couple of examples are our Small Business Owner Financial Counseling and our faith-based and multicultural public awareness initiatives. We also work with the non-profit Association for Financial Counseling and Planning Education (AFCPE) and with the Association of Military Banks of America (AMBA) to assist unbanked veterans through a VA initiative.

Our collaborative efforts extend to research that supports nonprofit financial counseling's positive impact, particularly in communities of color and areas of greater need. We are proud to have worked with researchers from Ohio State University and FinRegLab to continue that work.

Our partners understand that these programs can have a tremendous impact in lifting up the financial well-being of millions of Americans.

We have a new collaboration that will help us launch an online financial education service. We are working with Sqwire to bring this resource to the more than 40,000 people who visit our website each month. Sqwire is a financial wellness program that is committed to equipping and empowering its users to effectively protect their lives, their legacy, and their loved ones.

Thanks to this new partnership with Sqwire, NFCC’s consumers will have FREE access to a library of 70+ lessons on personal finance topics including credit, debt management, savings, and more.

Designed to help them form healthy financial habits, the platform keeps users on course with their personal goals and future preparedness. It provides the very best in comprehensive financial education, delivering personalized programs, a self-paced curriculum, and ongoing support that individuals need to make informed, confident financial decisions.?

Would you give an overview of your relationship with DFI’s Financial Education and Outreach team in the past?

My personal experience with DFI dates back to when I first moved to Washington 15 years ago. While working for one of the nonprofit member agencies in the NFCC network, I attended community outreach events focused on personal finance education.

DFI was a great resource to tap into the nonprofit financial education and financial well-being ecosystem in the state and to offer my help and my services where it might be beneficial.

We were proud to be a part of some of those efforts, and the work that we did with DFI helped us strengthen our relationships within the community across other organizations such as the Financial Empowerment Network, United Way of Snohomish County, El Centro de la Raza, Bank On, and others in the financial education community.

I'm happy that Washingtonians have access to a service like the DFI, not just from a consumer protection standpoint, but from the financial education and well-being standpoint.

Can you tell us about how credit education fits into your work and the resources you have on the NFCC website?

NFCC.org is an excellent resource for personal finance information throughout the year, but especially in March. Our website offers practical advice from experienced nonprofit financial experts on topics like paying down credit card debt and transitioning from renting to homeownership. Check out our Blog section or YouTube channel for more information.

We also provide free interactive budgeting and debt management tools on our website. What sets NFCC apart is that we offer live, personalized assistance from Certified Credit Counselors to help individuals facing serious financial challenges like past-due credit cards or debt collectors. As a former NFCC Certified Credit Counselor, I was able to leverage my prior experience in lending and debt collection to benefit those I helped.

What do you feel is an important message about credit to share with the public during Credit Education Month this year?

With the current economic pressures like inflation, rising interest rates, and the overall cost of living, making informed financial decisions is more critical than ever. From selecting the right credit card to financing a college education, every decision can have significant financial consequences.

Fortunately, many free, affordable, and accessible resources are available to support your financial wellness journey. DFI is an excellent starting point to connect with local and statewide resources for Washington residents. Take advantage of this month to learn new financial wellness strategies to make the most of your money and achieve your goals.

Knowing what you know now about credit, what advice would you give to a 17-year-old Bruce McClary?

I might tell my former self to look for ways to grow savings and avoid debt whenever possible. For savings, start early and make it a habit. I would also offer some advice about student loans, advising the younger Bruce to put a little more effort into the search for grants and financial aid that doesn’t require repayment.

I would also say that nobody is perfect and you are probably going to face some financial setbacks, and some of them may be caused by your own mistakes. But, forgive yourself for those mistakes and use those as learning opportunities so that you can try to avoid ending up in those same situations in the future.