Key facts
- 20% of Americans wait until a last resort to address credit card debt.
- 70% of consumers trust non-profit credit counseling.
- Nearly half of consumers are unaware of Debt Management Programs.
- US credit card debt has reached a record $1.3 trillion.
A recent survey by Consolidated Credit indicates that one in five Americans delays addressing their credit card debt until they reach a 'last resort.' The survey also found that while 70% of consumers express confidence in non-profit credit counseling services, nearly half remain unaware of the most effective solution for the nation's burgeoning $1.3 trillion credit card debt crisis: the Debt Management Program. The findings highlight a significant gap in consumer awareness regarding available debt resolution strategies, despite a general trust in credit counseling organizations.