Key facts
- 20% of Americans delay addressing their credit card debt until a last resort.
- Nearly half of consumers are unaware of the Debt Management Program.
- The national credit card debt crisis totals $1.3 trillion.
- 70% of consumers trust nonprofit credit counseling.
A recent survey by Consolidated Credit highlights a concerning trend in consumer financial behavior, with one in five Americans waiting until a last resort to address their credit card debt. This comes amid a national debt crisis totaling $1.3 trillion. The survey also indicates a significant lack of awareness regarding the Debt Management Program, a solution offered by nonprofit credit counseling agencies, which are trusted by 70% of consumers.