Money Management International Sees Surge in Credit Counseling Services in First Half of 2024 Amidst Growing Debt Crisis for Americans

MMI Unsecured Debt Growth by State – First Half of 2024: Financial Pressures Escalate Across the Nation

The financial landscape in the United States is shifting, with Money Management International (MMI) reporting a significant increase in clients seeking financial counseling and debt management assistance in the first half of 2024. According to MMI’s data, there has been a 52% rise in new clients compared to the same period last year, with new clients carrying an average unsecured debt of $28,000, a 9% increase from 2023.

Several states have seen notable increases in counseling volume and average debt levels. In Florida, there was a 78% increase in new clients, highlighting the financial challenges faced by residents, particularly in housing and home-related costs. Minnesota saw counseling volume increase by 56%, with clients carrying unsecured debts 25% higher than last year, exceeding the national average. Alaska reported a 14% increase in counseling volume, with new clients reporting average unsecured debts 59% higher than the previous year.

In addition, states like Washington, Arizona, New York, Michigan, Oklahoma, and New Jersey exhibited increases in both counseling growth and unsecured debt above the national averages. These statistics underscore the escalating financial pressures on individuals and families across the nation, according to Kate Bulger, Vice President of Business Development at MMI.

MMI remains committed to helping Americans overcome their debt challenges by providing financial counseling 24/7 and tracking emerging trends through its Consumer Distress Dashboard. This dashboard, launched in 2024, aggregates data from thousands of Americans counseled by MMI to offer valuable insights into consumer financial health.

As a leading nonprofit organization dedicated to changing how America overcomes financial challenges, MMI’s programs help individuals overcome their financial burdens and foster a life of financial wellness. For further information about the Consumer Distress Dashboard or to speak with MMI experts and clients, please contact Thomas Nitzsche at 404.490.2227 or Thomas.Nitzsche@MoneyManagement.org, and Lori Geary at 404.551.2151 or lgeary@lexiconstrategies.com.

Leave a Reply

Your email address will not be published. Required fields are marked *