STAFFORD, Texas, July 11, 2024 (GLOBE NEWSWIRE) -- 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
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Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
