Money Management International Reports Major Increase in Credit Counseling in First Half of 2024 as Americans Grapple with Rising Debt
July 11 2024 - 9:00AM
Money Management International (MMI) today announced a substantial
increase in the number of clients seeking nonprofit financial
counseling and debt management assistance in the first half of
2024. Findings also show a significant increase in the level of
unsecured debt among new clients.
Nationally, MMI’s proprietary data 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, an increase of 9%
from 2023.
Several states stand out with significant increases in
counseling volume or average debt levels:
Florida: MMI experienced a remarkable 78%
increase in new clients from The Sunshine State during the first
half of 2024 versus the same time last year, with unsecured debt
growth of 8%, just below the national average. The surge highlights
the growing financial challenges faced by residents in the state,
particularly housing and home-related costs.
Minnesota: Counseling volume increased by 56%
with clients carrying unsecured debts 25% higher than last year,
significantly exceeding the national average debt among new clients
and mirroring reports earlier this year of rising debt and
bankruptcy filings.
Alaska: While counseling volume increased by
only 14% in 2024, new clients from Alaska reported average
unsecured debts 59% higher than the previous year.
In the first half of 2024, the following states exhibited
increases in both counseling growth and unsecured debt above the
national averages:
| State Name |
Counseling Growth % |
Avr. Unsecured Debt_H1 2023 |
Avr. Unsecured Debt_H1 2024 |
Avr. Unsecured Debt Growth % |
| Washington |
60% |
$ 25,171 |
$ 28,459 |
13% |
| Arizona |
58% |
$ 24,740 |
$ 27,431 |
11% |
| Minnesota |
56% |
$ 24,264 |
$ 30,212 |
25% |
| New York |
55% |
$ 27,624 |
$ 30,414 |
10% |
| Michigan |
54% |
$ 24,683 |
$ 27,686 |
12% |
| Oklahoma |
53% |
$ 23,584 |
$ 26,288 |
11% |
| New Jersey |
53% |
$ 27,105 |
$ 32,227 |
19% |
"These statistics underscore the escalating financial pressures
on individuals and families across the nation," said Kate Bulger,
Vice President of Business Development at MMI. "Our goal is to
provide the necessary support and guidance to help our clients
manage their debts and regain financial stability."
MMI remains committed to helping Americans overcome their debt
challenges by providing financial counseling 24/7 and tracking
emerging trends through its proprietary Consumer Distress
Dashboard. The dashboard, launched in 2024, aggregates data from
thousands of Americans counseled by MMI to offer valuable insights
into consumer financial health.
About MMI
Money Management International (MMI) has been at the forefront
of financial health solutions for over 65 years. As a leading
nonprofit organization, MMI is dedicated to changing how America
overcomes financial challenges by offering timely and expert
guidance. Recognized by major financial organizations and media
groups, MMI's programs help individuals overcome their financial
burdens and foster a life of financial wellness. Learn more at
MoneyManagement.org.
For further information about the Consumer Distress Dashboard or
to speak with MMI experts and clients, please contact:
Thomas Nitzsche, 404.490.2227,
Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
- MMI Unsecured Debt Growth by State - First Half of 2024
Thomas Nitzsche
Money Management International
404.490.2227
Thomas.Nitzsche@MoneyManagement.org
Lori Geary
Lexicon Strategies
404.551.2151
lgeary@lexiconstrategies.com