(InvestigateTV) — People enrolled in Money Management International’s debt management plans now owe more than $1 billion in credit card and personal loan debt, the most the national nonprofit has seen in 13 years.
More than 60,000 people are enrolled. Many are putting everyday expenses such as groceries, gas and car repairs on credit cards as prices have jumped about 30% since 2019.
Ted Rossman, with Money Management International, said inflation, high interest rates and the rising cost of living are behind the numbers.
“The story behind the story is inflation, high-interest rates, just the rising cost of living that is really straining household budgets,” Rossman said. “And we’re going back to some unpleasant numbers that…