ORLANDO, Fla. – Millennials now make up the largest generation of clients across the country seeking help from debt counseling agencies like Money Management International (MMI).
MMI’s data reveals a clear pattern of surging demand and debt loads among Millennial clients in California, Florida, Texas, Georgia, New Jersey, Washington, Arizona, Massachusetts, and Michigan—states that already grapple with escalating housing costs and consumer debt.
There was a 41% uptick in the number of Millennials seeking debt relief in Florida last year. The average Millenial’s unsecured debt balance among MMI clients climbed to a record $30,000 in 2024.
One of those clients is Michael, a Deltona father and an account executive with salesforce development company Flosum. His family faced several medical challenges that snowballed into over $46,000 in credit card debt.
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“We were thinking about selling one of the cars,” Michael said. “We couldn’t go anywhere because we weren’t paying for gas and stuff. It was a difficult time—wanting to take care of my family, my kids, my wife—and make sure I make ends meet.”
Despite budgeting carefully and cutting expenses, Michael and his wife realized they could not find the solution on their own.
“We were in that spot where we were desperate and asked for help,” he said.
After describing their situation to Bank of America, they were referred to MMI. The nonprofit offers debt management plans that work with creditors to reduce interest rates and consolidate unsecured debt into one monthly payment—without the need for a loan.
“At the end of our counseling sessions, a lot of clients tell us that they just feel a weight lifted off their shoulders because they see a path forward,” MMI Senior Director of Counseling Emanuel Rivero told News 6.
Rivero says the programs are designed to provide stability and structure during times like these, helping clients stick to a budget and supporting them throughout their repayment journey.
“I’m so proud of those clients that are willing to step out of their shell and share their story because it inspires other people that haven’t reached out for help yet.”
Many Americans are still looking for a way out
Millions of Americans are struggling to manage their debt. A recent survey from Experian found that nearly one in four adults (23%) in the U.S. are dealing with debt they consider unmanageable.
“That number surprises me a bit,” said Rod Griffin, Senior Director of Public Education and Advocacy for Experian. “I thought it would be higher than that because we all have debt at some point in life.”
Still that same survey offered a glimmer of hope: 45% of U.S. adults report having paid off debt that they once considered unmanageable. The survey notes that in order to accomplish that goal, 36% took an additional job or side hustle, 26% used the snowball method (paying off smaller debt balances first) and 23% used budgeting apps.
Griffin said it is important to remember that you are not alone.
“I’ve been there,” he said. “Everybody I know has had a point in life where they’ve had some struggles, made some mistakes, had life events happen that were out of their control. And you can recover. There are people who can help and tools and resources to get help.”
Those tools include free credit monitoring apps like Experian’s, and nonprofit debt counseling services such as MMI.
For Michael and his family, MMI’s support made all the difference. They came to MMI in late 2023 with about $46,000 in credit card debt. MMI worked with their creditors to reduce interest rates to an average of 4%, putting them on track to pay them off by the end of 2028.
Survey reveals what matters most to Millennials
In MMI’s latest client survey, Millennials pointed to four top benefits of the program:
Fast-tracked repayment: Clients can pay off debt up to seven times faster than managing it alone.
Single payment convenience: Multiple bills are consolidated into one manageable monthly payment.
Credit score improvement: Many clients see their credit scores rise by more than 80 points.
Achievable timelines: Clients can become debt-free in as little as 24 months. MMI says the average time frame to complete the program is three to five years.
Learn more at MoneyManagement.org.
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