Key Takeaways
- Nonprofit credit counseling demand surged 35% in 2024, with young adults driving the highest growth at 48% for those aged 21-30.
- Housing costs increased 11% year-over-year for counseling clients, with homeowners facing $1,900 monthly payments and renters paying $1,300.
- Federal data shows 20% of student borrowers are behind on payments, while millennials carry average student debt of $40,438.
Millennials, the largest generation in the workforce, are quietly drowning in debt while often maintaining the appearance of financial stability and success on social media. Money Management International (MMI), one of the nation’s largest nonprofit credit counseling agencies, reported a 35% annual increase in new clients seeking…