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National Foundation for Credit Counseling Anticipates Continued Consumer Financial Stress
Third-quarter NFCC data indicate that consumers who are struggling to manage all-time high levels of debt will continue to experience hardship.
(Washington, D.C.) — The National Foundation for Credit Counseling (NFCC) today released its latest Financial Stress Forecast, revealing that a recent surge in consumer financial distress is likely to continue into 2025. The NFCC data support a recent report issued by The Federal Reserve Bank of New York’s Center for Microeconomic Data which shows that total household debt increased by $147 billion in Q3 2024, to $17.94 trillion. Credit card debt alone increased by $24 billion to $1.17 trillion.
NFCC Spokesperson
Bruce McClary
Senior Vice President, Memberships & Communications
As the lead spokesperson, Bruce provides communications support for the nation’s largest and longest-serving network of nonprofit credit counseling organizations. He also manages activities focused on industry collaboration and membership…
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