Most people don't budget properly because they're not taught to. There are no courses I know of, especially in the high school level. A lot of families purposely don't talk about finances; I think that's extremely detrimental.
"Howard Dvorkin" is a CPA, author, national columnist, and founder of the nation’s fourth-largest credit counseling agency. He has controversially advocated a cash-only lifestyle without credit cards.
Dvorkin founded Consolidated Credit in 1993 in Fort Lauderdale, Florida/Fort Lauderdale, Florida. It earned an A-plus rating from the Better Business Bureau and eventually grew to be one to the largest counseling and consolidation firms, behind Money Management International, CredAbility, and GreenPath.
Dvorkin has written two books: [http://www.amazon.com/Credit-Hell-How-Dig-Debt/dp/0471737534 Credit Hell] (Wiley, 2005) and [http://www.wiley.com/WileyCDA/WileyTitle/productCd-1118731492.html Power Up] (Wiley, 2013). He is a regular personal finance contributor to Fox Business and has been quoted as a financial expert by The New York Times, NBC News, CNN, and Bankrate, among other national media outlets.
After watching his company’s clients struggle with credit card debt, Dvorkin concluded, “Learning to live without a credit card is an integral part of financial empowerment....It’s about cash and discipline. Those who don’t use credit cards take money much more seriously than credit card users. The act of physically handing over the dollars and cents to a cashier or waitress generates a feeling of loss."
More Howard Dvorkin on Wikipedia.The average debt per household is $9,000. The rate now is $180. It will be $360.
Between car payments, getting married, buying property, having children, dealing with deaths, most people walk a very tight rope with debt. They make the huge mistake of only making minimum payments. Once something goes wrong in their lives and they need money fast ? they are at a major loss.
You'll see creditors get more aggressive at collecting debt, the reason being that they can.
For many of these people, this could represent the most time they've ever spent in their lives focused on their personal finances.
People spend what's there. If it's not there, they're not going to spend it.
I question what they are going to take away from the briefing portion. They're there just to jump through the hoop to file for bankruptcy. They're not there because they want to be there.
Obviously, this is theory and easier said than done. Tracking every nickel is a big process and a lot of people don't do it. You can make the best budget, but if you don't track it, what good does it do? In my house, every month, we compare the actual to the budget. It's not fun. My wife hates me for it. But you have to track what you're spending.
It's going to be huge. You'll see a massive amount of advertising from bankruptcy mills. Beat the deadline, etc..
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