On Friday, 10th May 2024, the Global Credit Counselling Alliance (GCCA) was officially formed, representing a significant collaborative initiative among leading credit counselling organisations from Canada, South Korea, the United Kingdom, and the United States. Founding members include Toynbee Hall, the lead charity in the UK's Debt Free Advice coalition, Credit Counselling Canada, Credit Counselling and Recovery Service, and the National Foundation for Credit Counseling.
These organisations signed a Memorandum of Understanding to formalise their partnership, which aims to share strategic insights, align technological roadmaps, and foster an international exchange of best practices in debt counselling and financial education. The GCCA is dedicated to enhancing the effectiveness of financial counseling services through collaborative innovation and shared learning, highlighting Toynbee Hall's pivotal role in advancing financial education and support within the coalition and globally.
Matt Dronfield, Managing Director of Debt Free Advice and a representative for Toynbee Hall, expressed enthusiasm about the formation of the Alliance:
"Today marks a pivotal moment not only for Toynbee Hall but for the global community we serve. Since 1884, we have been at the forefront of social reform and financial guidance. Being a part of this alliance allows us to extend our reach and impact, empowering individuals globally to achieve financial resilience. Our collective efforts will undoubtedly transform countless lives."
Dr Jae Youn Lee, CEO of Credit Counselling and Recovery Service, Placeholder for quote from Dr Jae Youn Lee, CEO of Credit Counselling and Recovery Service:
"The MoU between credit counselling organizations from four countries will enhance collaboration to develop comprehensive and effective credit counselling solutions. An active and practical cooperation among us will improve the welfare of customers in each country who receive credit counselling and debt relief support at the global level."
Mike Croxson, CEO of National Foundation for Credit Counseling:
"The GCCA provides the NFCC and each participating organization an environment for thoughtful collaboration with tremendous potential to improve the global impact of financial wellness programs. We are honored to among the founding organizations participating in this effort."
The GCCA aims to integrate the diverse expertise and resources of its members to develop innovative, efficient, and effective credit counselling solutions that can be adapted and utilised by each member country. This collaboration underscores a shared commitment to improving financial well-being and fostering economic empowerment globally.
The Alliance was conceived at the NFCC Connect Conference in Washington D.C. in August 2023, where a series of discussions highlighted the universal need for coordinated efforts in credit management and financial education. This formal agreement outlines the scope of this ambitious collaboration, focusing on technological advancement, shared learning, and the development of best practices in credit counselling.