Coinciding with the anniversary of the implementation of the Bankruptcy Abuse Prevention Consumer Protection Act of 2005 (BAPCPA) and in light of new data from the National Foundation for Credit Counseling (NFCC), following is a statement from Steve Bartlett, president and CEO of the Financial Services Roundtable, on the essential role of credit counseling and financial assistance for American consumers.

"The Roundtable is encouraged by the results of the NFCC study showing that 'poor money management' (66.9 percent) is the top reason consumers go through bankruptcy. This is consistent with our 'Financial Fitness'poll, which found that the more likely people are to seek financial advice, the better chance their finances will be in excellent shape long-term.

The results of the Roundtable's survey show that 84 percent of Americans believe they are in excellent or okay financial fitness shape. Of that group, half of them had received outside financial advice. Conversely only 1 in 10 who felt they were in terrible financial shape had sought outside financial advice.

Therefore you can conclude that financial advice for consumers equates to a better understanding of finances, which results in better money management and fewer bankruptcies. We're equally encouraged that the credit counseling required as part of the new bankruptcy law has been so beneficial in its first year of operation. Testing by the NFCC shows a significant improvement in consumer financial knowledge -- by as much as 10 to 40 percent -- as a result of bankruptcy related counseling. Thus, reliable resources like credit counseling and even online resource sites like www.mymoneymanagement.net can play a significant role in educating the American consumer about managing their money.

Although these agencies have a long-standing commitment to helping consumers better manage their debt, it's undeniable that the law's incentive is paying off in the form of more informed, disciplined consumers.

All of these add up to the simple fact that the new bankruptcy law is achieving its intended results: Not only are bankruptcies down and the economy will begin to see a savings in real dollars, but most importantly, consumers are getting the help and knowledge they need to successfully manage their finances. And that can translate into true, long-term success."