(InvestigateTV) — Total household debt in the United States hit a record $18 trillion in the first quarter of this year, according to the New York Federal Reserve, as more families lean on credit cards to cover rising costs.
Ted Rossman with Money Management International said demand for credit counseling has grown substantially. Enrollment in the organization’s debt management plans has reached a 10-year high, and financial counseling sessions are up 143% since early 2021.
Rossman said much of the pressure traces back to rising prices across nearly every category of spending.
“People are paying more for everything,” Rossman said. “There was the U.S. Bureau of Labor Statistics report recently that food prices are up 33% since…