It doesn’t take much these days -- a broken appliance, or even costly car repairs. Unexpected expenses can lead consumers to rely on credit cards to fill a budget gap. Millennials are increasingly turning to credit counseling services as credit card debt, student loans and medical bills continue to rise.
Jaclyn McCann, a Pittsburgh resident, faced a financial crisis after an unexpected $6,000 dental surgery and a costly move, leading her to accrue $10,000 in credit card debt.
“When you’re in a pinch, it was, I had a couple of credit cards and that’s what I did,” McCann said, reflecting on her reliance on credit cards during her financial difficulties.
Thomas Nitzche, a consumer debt expert at Money Management International (MMI), explains that while credit cards are a familiar tool for managing shortfalls, they can quickly become unmanageable.
MMI, a non-profit credit counseling agency, reports that millennials, aged 25 to 44, now make up 43% of their new debt counseling clients, with 47% citing credit card debt as a major issue.
MMI worked with McCann’s creditors to reduce her interest rates to 10%, allowing her to pay down her debt more effectively.
McCann has since secured a better-paying job as a union organizer and is managing her finances by cooking at home, avoiding new purchases, and tracking her subscriptions.
By taking control of her spending and working with MMI, McCann is gradually piecing together her financial stability.
For more information: https://www.moneymanagement.org/
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