Latest news with #ConsolidatedCredit
Malaysian Reserve
7 days ago
- Business
- Malaysian Reserve
Generational Wake-Up Call: Young Adults Buckle Under Credit Pressure
As Millennials and Gen Z face soaring interest rates, record balances, and delayed financial milestones, Consolidated Credit finds demand for counseling spikes. FORT LAUDERDALE, Fla., Aug. 12, 2025 /PRNewswire/ — As U.S. households confront the highest debt levels in history, nonprofit credit counseling agency Consolidated Credit is reporting a surge in demand for help. The economic story of 2025 so far has been one of pressure and strain: record-high credit card balances, a stubbornly high average APR over 24%, and growing consumer unease. According to the Federal Reserve, total U.S. consumer debt reached $18.2 trillion in Q1 2025, a new all-time high. And while inflation has cooled slightly, interest rates remain elevated, making it more expensive to carry and repay debt. The reactivation of federal student loan delinquency reporting has added another layer of stress for millions of borrowers. 'These numbers aren't just data points. They reflect real households trying to stay afloat,' said April Lewis-Parks, Consolidated Credit director of education and communications. 'We're seeing more people who were never in financial trouble before suddenly overwhelmed by rising interest costs and maxed-out cards.' Consolidated Credit saw double digit increases year-over-year in enrollments in its Debt Management Program (DMP) from January through June of 2025 compared to the same period in 2024. The average amount of debt enrolled in a DMP also rose. The data reveals alarming increases in average debt loads by generation year over year: Baby Boomers: 30% increase Gen X: 40% increase Millennials: 52% increase Gen Z: 70% increase 'Younger Americans are being hit hardest, and we are seeing an 18% increase of Gen Z and Millennials joining debt management programs year over year,' noted Lewis-Parks. 'They started their financial lives in a volatile economy, and many are juggling rent, student loans, and credit cards at rates over 24%. It's no wonder they're reaching out for help.' A recent delinquency breakdown from Consolidated Credit shows the emotional and practical burden of growing balances: 34.6% of clients are already behind on their bills 34.1% are 'juggling' payments to avoid falling behind Only 31.4% are not currently behind 'We're at a tipping point. More people are behind or juggling than those who are current. Without intervention, those balances will tip over into default,' continued Lewis-Parks. Policy and Pop Culture Meet Financial Reality From the White House to Wall Street, debt stress is driving policy discussions. Meanwhile, social media is flooded with budgeting advice, side hustle content, and debt-free journey stories. Lewis-Parks adds, 'It's clear Americans are hungry for financial guidance. We're here to meet that need with compassion, credibility, and a clear path forward.' About Consolidated Credit: Consolidated Credit is one of the nation's largest nonprofit credit counseling agencies. For over 30 years, they have helped more than 10 million people overcome credit card debt and achieve financial stability through education, personalized coaching, and proven debt management programs.
Yahoo
7 days ago
- Business
- Yahoo
Generational Wake-Up Call: Young Adults Buckle Under Credit Pressure
As Millennials and Gen Z face soaring interest rates, record balances, and delayed financial milestones, Consolidated Credit finds demand for counseling spikes. FORT LAUDERDALE, Fla., Aug. 12, 2025 /PRNewswire/ -- As U.S. households confront the highest debt levels in history, nonprofit credit counseling agency Consolidated Credit is reporting a surge in demand for help. The economic story of 2025 so far has been one of pressure and strain: record-high credit card balances, a stubbornly high average APR over 24%, and growing consumer unease. According to the Federal Reserve, total U.S. consumer debt reached $18.2 trillion in Q1 2025, a new all-time high. And while inflation has cooled slightly, interest rates remain elevated, making it more expensive to carry and repay debt. The reactivation of federal student loan delinquency reporting has added another layer of stress for millions of borrowers. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership "These numbers aren't just data points. They reflect real households trying to stay afloat," said April Lewis-Parks, Consolidated Credit director of education and communications. "We're seeing more people who were never in financial trouble before suddenly overwhelmed by rising interest costs and maxed-out cards." Consolidated Credit saw double digit increases year-over-year in enrollments in its Debt Management Program (DMP) from January through June of 2025 compared to the same period in 2024. The average amount of debt enrolled in a DMP also rose. The data reveals alarming increases in average debt loads by generation year over year: Baby Boomers: 30% increase Gen X: 40% increase Millennials: 52% increase Gen Z: 70% increase "Younger Americans are being hit hardest, and we are seeing an 18% increase of Gen Z and Millennials joining debt management programs year over year," noted Lewis-Parks. "They started their financial lives in a volatile economy, and many are juggling rent, student loans, and credit cards at rates over 24%. It's no wonder they're reaching out for help." A recent delinquency breakdown from Consolidated Credit shows the emotional and practical burden of growing balances: 34.6% of clients are already behind on their bills 34.1% are "juggling" payments to avoid falling behind Only 31.4% are not currently behind "We're at a tipping point. More people are behind or juggling than those who are current. Without intervention, those balances will tip over into default," continued Lewis-Parks. Policy and Pop Culture Meet Financial Reality From the White House to Wall Street, debt stress is driving policy discussions. Meanwhile, social media is flooded with budgeting advice, side hustle content, and debt-free journey stories. Lewis-Parks adds, "It's clear Americans are hungry for financial guidance. We're here to meet that need with compassion, credibility, and a clear path forward." About Consolidated Credit: Consolidated Credit is one of the nation's largest nonprofit credit counseling agencies. For over 30 years, they have helped more than 10 million people overcome credit card debt and achieve financial stability through education, personalized coaching, and proven debt management programs. View original content to download multimedia: SOURCE Consolidated Credit
Associated Press
7 days ago
- Business
- Associated Press
Generational Wake-Up Call: Young Adults Buckle Under Credit Pressure
As Millennials and Gen Z face soaring interest rates, record balances, and delayed financial milestones, Consolidated Credit finds demand for counseling spikes. FORT LAUDERDALE, Fla., Aug. 12, 2025 /PRNewswire/ -- As U.S. households confront the highest debt levels in history, nonprofit credit counseling agency Consolidated Credit is reporting a surge in demand for help. The economic story of 2025 so far has been one of pressure and strain: record-high credit card balances, a stubbornly high average APR over 24%, and growing consumer unease. According to the Federal Reserve, total U.S. consumer debt reached $18.2 trillion in Q1 2025, a new all-time high. And while inflation has cooled slightly, interest rates remain elevated, making it more expensive to carry and repay debt. The reactivation of federal student loan delinquency reporting has added another layer of stress for millions of borrowers. 'These numbers aren't just data points. They reflect real households trying to stay afloat,' said April Lewis-Parks, Consolidated Credit director of education and communications. 'We're seeing more people who were never in financial trouble before suddenly overwhelmed by rising interest costs and maxed-out cards.' Consolidated Credit saw double digit increases year-over-year in enrollments in its Debt Management Program (DMP) from January through June of 2025 compared to the same period in 2024. The average amount of debt enrolled in a DMP also rose. The data reveals alarming increases in average debt loads by generation year over year: 'Younger Americans are being hit hardest, and we are seeing an 18% increase of Gen Z and Millennials joining debt management programs year over year,' noted Lewis-Parks. 'They started their financial lives in a volatile economy, and many are juggling rent, student loans, and credit cards at rates over 24%. It's no wonder they're reaching out for help.' A recent delinquency breakdown from Consolidated Credit shows the emotional and practical burden of growing balances: 'We're at a tipping point. More people are behind or juggling than those who are current. Without intervention, those balances will tip over into default,' continued Lewis-Parks. Policy and Pop Culture Meet Financial Reality From the White House to Wall Street, debt stress is driving policy discussions. Meanwhile, social media is flooded with budgeting advice, side hustle content, and debt-free journey stories. Lewis-Parks adds, 'It's clear Americans are hungry for financial guidance. We're here to meet that need with compassion, credibility, and a clear path forward.' About Consolidated Credit: Consolidated Credit is one of the nation's largest nonprofit credit counseling agencies. For over 30 years, they have helped more than 10 million people overcome credit card debt and achieve financial stability through education, personalized coaching, and proven debt management programs. View original content to download multimedia: SOURCE Consolidated Credit
Associated Press
01-07-2025
- Business
- Associated Press
Consolidated Credit Rolls Out Free Summer Webinar Series to Help Consumers Stay Cool Under Financial Pressure
Free monthly webinars that help consumers learn how to protect themselves from financial crimes, navigate the student loan debt crisis, and help consumers plan for financial emergencies. FORT LAUDERDALE, Fla., July 1, 2025 /PRNewswire/ -- Consolidated Credit, a leading financial education and counseling organization, wants consumers to beat the heat with valuable tools and resources designed to keep finances on track and stress levels low. 'Consolidated Credit's free monthly webinars give people the tools they need to protect themselves, especially in uncertain economic times,' says Sandra Tobon, Director of Housing Counseling & Community Outreach. The webinar series is designed to provide valuable strategies to empower individuals in various aspects of personal finance, with knowledge and confidence to take control of their financial futures. On July 9th in English and July 16th in Spanish, Identity Theft, Fraud, and Cybersecurity will teach consumers how to protect yourself in the Digital Age. The webinar will cover: On August 13th in English and August 20th in Spanish, Break Free from Student Loan Debt, will discuss college costs. Attendees will learn how to save thousands, including: On September 10th in English and September 17th in Spanish, Emergency Fund Planning will show people how to plan for financial emergencies the right way. The webinar will cover: Added Tobon, 'Our goal is to equip consumers with practical strategies they can use right away to stay financially resilient.' Webinars are held at 1p.m. EST on the second Wednesday of each month in English and on the third Wednesday of each month in Spanish. All webinar content in English and Spanish will be on-demand at Consolidated Credit's Financial Resource Center following the live broadcast. About: Consolidated Credit is a non-profit organization, which has helped more than 10 million people overcome debt and financial challenges in 30 years. Their mission is to assist families throughout the United States to end financial crises and solve money management issues through education and counseling. View original content to download multimedia: SOURCE Consolidated Credit
Yahoo
18-04-2025
- Business
- Yahoo
Consolidated Credit and Nova Southeastern University Collaborate on Academic Study Published in JABE
Study Explores the Connection Between Credit Card Usage and Consumer Characteristics FORT LAUDERDALE, FL / / April 18, 2025 / Learning How Credit Works Puts You in Control Consolidated Credit is pleased to announce that April Lewis-Parks, Director of Education and Corporate Communications, and William Wolf, Director of Strategic Partnerships, have coauthored an important research paper with Dr. Albert Williams from Nova Southeastern University. The article, titled "Is Credit Card Usage for Entertainment Related to Demographic, Psychological, and Financial Characteristics of Credit Card Owners?", has been published in the Journal of Academy of Business and Economics(JABE). JABE is a peer-reviewed academic journal published by the International Academy of Business and Economics, aimed at promoting cutting-edge research that connects theory with practical applications in global business and economics. The study is featured in Volume 25, Issue 1 (page 107) and investigates the connection between entertainment-related credit card usage and several consumer factors, such as age, income, personality traits, and financial behavior. The results offer valuable insights into how credit cards are used for non-essential spending, providing important perspectives amid rising consumer debt and shifting economic landscapes. "This research is an extension of our mission at Consolidated Credit: to understand the financial behaviors that shape people's lives and help create solutions," said April Lewis-Parks. "Working with Dr. Williams and William Wolf on this academic study was a great opportunity to share our field experience with a global scholarly audience." "Credit card debt related to non-essential purchases is an often-overlooked driver of financial instability," added William Wolf. "By examining the factors influencing this behavior, we can better develop educational tools and interventions that resonate with real-life consumers." Dr. Albert Williams, professor of finance and economics at Nova Southeastern University, noted the collaboration as a successful example of academic and nonprofit synergy. "We were able to combine rigorous methodology with real-world experience from Consolidated Credit to gain new insights into how consumer behavior intersects with credit usage. This kind of research can inform both financial education and public policy." The article contributes to a growing body of literature that emphasizes the importance of financial psychology in understanding consumer debt. It is also timely, given recent national trends indicating that Americans are increasingly turning to credit cards for entertainment and lifestyle expenses-even as interest rates and debt levels rise. The full article is available through JABE's current issue: For more information about Consolidated Credit's financial education initiatives or to schedule interviews with the authors, please contact: Jill Randolph JRandolph@ About Consolidated Credit Consolidated Credit is a nonprofit organization that has helped more than 10 million people overcome debt and achieve financial freedom through education, counseling, and debt management programs. For over 30 years, the organization has been a trusted resource for financial wellness nationwide. About NovaSoutheastern University Nova Southeastern University (NSU) is the largest private research university in Florida and a top employer in the state, with more than $5 billion in projected economic impact. NSU is classified as an R1 institution by the Carnegie Foundation among universities with the highest level of research activity. NSU educates more than 22,000 enrolled students from more than 115 countries and all 50 U.S. states. NSU is a Military Friendly School, committed to meeting the needs of its active military and veteran population. It is 1 of 4 universities in the U.S. with both M.D. and D.O. colleges and is the largest educator of physicians in Florida. Research at NSU addresses such critical areas as cancer, marine life, and brain health. Contact Details Jill Randolph jrandolph@ Company Website SOURCE: Consolidated Credit View the original press release on ACCESS Newswire Sign in to access your portfolio
