STAFFORD, Texas, Nov. 09, 2022 (GLOBE NEWSWIRE) -- A June 2022 survey conducted online by The Harris Poll and commissioned by the nonprofit Money Management International (MMI) among over 2,000 U.S. adults indicates Americans can benefit from professional debt advice to reduce financial stress, but often experience significant social and psychological barriers. Key findings of the survey show:
- Roughly three-quarters of Americans (74%) have needed credit card debt advice, but more than 9 in 10 (91%) of those Americans did not always seek out needed advice from a professional. 55% say they never sought out professional advice when they needed it.
- The majority of Americans who sought credit card debt advice from a professional (75%) say they wish they had contacted them sooner and most (77%) experienced reduced stress after contacting a professional.
- Nearly three-quarters of Americans who sought credit card debt advice from a professional (73%) felt more comfortable connecting with a third-party financial professional than dealing with their creditors directly to manage their outstanding credit card debt.
- Among those who did not always seek needed credit card debt advice, the top reason for not doing so is they didn’t think their debt was bad enough (32%). Nearly 1 in 5 (18%) say they did not do so because they were embarrassed to ask for help.
“These findings reflect what we hear from our clients,” said Thomas Nitzsche, Sr. Director of Media & Brand at MMI. “Many feel ashamed or stigmatized by debt, but once they make that first call for help there’s a huge sense of relief because they are taking control once again.”
“I understand the feelings of drowning in debt, shame, grief, and regret,” said MMI client Brittney Roberson of St. Louis, Missouri, who paid off almost $60,000 of credit card debt. “However, there is a light at the end of the tunnel. Just take a deep breath, lay out everything before you, then formulate a plan of attack.”
Roberson’s strategy included an MMI debt management plan (DMP) that reduced her interest into the single digits and created an affordable path to full repayment. Roberson agrees with the findings of the survey and isn’t surprised that almost 8 out of 10 respondents said their stress level was reduced after contacting a professional for credit card debt advice.
“It’s okay if it appears as if your dreams and goals are getting pushed back,” added Roberson. “It is all about perspective, so think of it like a slingshot: As you are getting pushed back, you are only bound to fly higher when you’re debt-free.”
MMI is a nonprofit organization with compassionate and caring professionals who walk people through the process of digging out of debt. Its 64-year legacy of success builds trust: A recent four-year analysis found that MMI clients who start and maintain a debt management plan with MMI increase their FICO® 9 Score by an average of 90 points from start to finish on the program.*
*Individual outcomes will vary, and results are not guaranteed.
Survey Method
This survey was conducted online within the United States by The Harris Poll on behalf of Money Management International from June 2-6, 2022 among 2,027 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact: Thomas@MoneyManagement.org.
About MMI
Money Management International (MMI) is changing how America overcomes financial challenges. MMI helps create, restore, and maintain a life of financial wellness through empowered choices. For over 60 years, our clients have achieved financial confidence through nonprofit programs that educate, motivate, and liberate. MMI inspires action by delivering expert professional guidance and timely solutions aligned with our client's goals. Experiencing a financial challenge? Find your solution 24/7 at 866.864.8995 and MoneyManagement.org.
For reporters looking to interview “real people” for stories, MMI has created a group of nearly 200 clients from across the country who are willing to share their experiences with the media, in the hopes of helping others challenged with debt. Our peer advocates have paid off over $9 million of debt and now serve as MMI ambassadors. Hear from them on MMI’s podcast, Long Story $hort.
To schedule an interview with Thomas Nitzsche and any of our MMI Peer Advocates, please contact:
Attachment
Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
