TULSA, Okla. — Millennials are feeling squeezed by high interest rates, high home and apartment rental prices, and higher prices for other goods and services.
Many put those expenses on plastic, then find that just one big unexpected bill leaves them unable to pay off the debt.
"Your car breaks down and then something in the house needs to be replaced and all of a sudden you've gone from, you know, making it pretty well to really being in financial distress and not being sure how you're going to make these next payments," said Thomas Nitzsche with Money Management International.
Money Management International, a non-profit credit counseling service, found that 43% of millennials cite credit card debt as their top financial challenge.
It's also driving a sharp increase in millennials seeking credit counseling. In Oklahoma, it is up 34% year-over-year.
On average, millennials seeking credit counseling from MMI are carrying $30,000 in debt.
According to the Federal Reserve, consumer financial distress hit a 12-year high.
Additionally, a record one-in-ten consumers were only paying the minimum on their credit card balance in the last quarter of 2024.
Consumers need to do some research when choosing help with debt management.
- Look for credit counselors affiliated with the National Foundation for Credit Counseling
- Ask what fees will be charged before agreeing to services
- Make sure you understand your options and the impact each has on your credit score before agreeing to services
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