STAFFORD, Texas, April 10, 2024 (GLOBE NEWSWIRE) -- In response to dramatic shifts in the US consumer debt landscape, Money Management International (MMI), a leading nonprofit dedicated to improving financial health, has launched the MMI Consumer Distress Dashboard. The dashboard is designed to provide thought leaders and news media with a real-time look into changing trends of consumer financial stress and debt challenges across the country.
Recent data from The Federal Reserve's quarterly report on household debt and credit highlights a troubling trend: total household debt surged by $212 billion in the fourth quarter of 2023, reaching a staggering $17.5 trillion. Notably, credit card balances alone rose by $50 billion, setting a new record at $1.13 trillion. This significant increase in debt underscores the critical need for resources and tools that can help address the root causes and effects of financial distress among American consumers.
The MMI Consumer Distress Dashboard taps into MMI's proprietary data sources, including interactions with thousands of debt-burdened Americans each month. The aggregated data provides a unique perspective on consumer health and reinforces MMI's commitment as a leader in public engagement and financial wellness. The new dashboard complements the expertise of the MMI Speakers Bureau and the lived experiences of MMI Peer Advocates.
Highlighting a Year of Change and Challenge
In the past year, MMI has witnessed the impact of elevated cost-of-living and interest rates, including increased demand for financial counseling, rising unsecured debt, and growing monthly household budget deficits. The average total unsecured debt load of MMI’s new clients has reached nearly $30,000, with an average budget deficit of over $300 per month.
MMI’s data indicates the upward trend is continuing, with a 54% increase in demand for financial counseling in Q1 2024 over the same period last year. New clients are now joining MMI’s debt management plan at a rate not seen since 2012.
The launch of the MMI Consumer Distress Dashboard is timely, as it provides crucial insights into emerging trends for journalists, analysts, and academics to better understand consumer financial health as student loan payments come fully back online. The retroactive forbearance and pause on advancing delinquency status available through the student loan on-ramp period ends in September 2024.
About MMI
Money Management International (MMI) is at the forefront of changing how America overcomes financial challenges. With over 65 years of experience, MMI empowers individuals to achieve financial confidence through education, motivation, and informed choices. Named among the nation's best by Bankrate, ConsumerAffairs, Investopedia, Forbes, Fortune, and USA Today, MMI helps people overcome everyday and extraordinary financial challenges. Through nonprofit programs that offer expert guidance and timely solutions, MMI inspires action and fosters a life of financial wellness. Learn more at: MoneyManagement.org
For more information on the MMI Consumer Distress Dashboard or to schedule an interview with MMI experts and debt management clients, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
###
