MMI Reports Surge in Financial Counseling and Unsecured Debt Growth in First Half of 2024
In a recent report released by Money Management International (MMI), it was revealed that there has been a significant increase in the number of individuals seeking financial counseling and debt management assistance in the first half of 2024. The data collected by MMI shows a 52% rise in new clients compared to the same period last year, with new clients carrying an average unsecured debt of $28,000, which is a 9% increase from 2023.
The statistics provided by MMI underscore the escalating financial pressures faced by individuals and families across the nation. Kate Bulger, Vice President of Business Development at MMI, emphasized the importance of providing support and guidance to help clients manage their debts and regain financial stability in the face of these challenges.
Several states have experienced significant increases in counseling volume and average debt levels. For example, Florida saw a 78% increase in new clients, while Minnesota reported a 56% increase in counseling volume with clients carrying unsecured debts 25% higher than the previous year. Alaska also reported a 59% increase in average unsecured debts among new clients.
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 findings highlight the growing financial challenges faced by residents in these states and the need for effective financial management solutions.
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 more information about MMI and the Consumer Distress Dashboard, visit MoneyManagement.org.
For further inquiries or to speak with MMI experts and clients, please contact Thomas Nitzsche at 404.490.2227 or Thomas.Nitzsche@MoneyManagement.org, or Lori Geary at 404.551.2151 or lgeary@lexiconstrategies.com.
The data provided by MMI serves as a stark reminder of the increasing financial pressures faced by individuals and families nationwide. By seeking financial counseling and debt management assistance, individuals can take proactive steps towards managing their debts and achieving financial stability in the long run.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.