STAFFORD, Texas, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Money Management International (MMI), a leading nonprofit organization dedicated to helping Americans overcome financial challenges, challenges consumers to make 2025 the year they take control of their finances and work towards being debt-free.
With the holiday season behind us and financial challenges such as inflation and rising costs persisting, now is the time to assess financial health and take the first steps toward achieving long-term stability.
“The holidays are over. Now it’s time to survey the damage,” said Jesse Campbell, Manager of Content and Engagement at MMI. “Don’t panic. Instead, come up with a realistic plan to tackle debt. At MMI, we’re here to help you make 2025 the year you take control of your finances.”
The Financial Landscape: Key Challenges
A recent Harris Poll conducted on behalf of MMI found that over four in five Americans with credit card debt (83%) struggled to make ends meet in 2024, with inflation cited as the most significant factor. Rising costs of essentials like groceries and utilities have forced many households to adjust their budgets. Among those facing financial difficulties, 92% have already made changes, such as cutting back on dining out and entertainment.
Holiday spending compounded the issue for many. According to NerdWallet, nearly three in 10 Americans who used credit cards to pay for holiday gifts last year still haven’t paid off their balances. These trends highlight the importance of taking swift and deliberate steps to manage debt.
Practical Steps to Financial Freedom
MMI offers the following advice to consumers looking to tackle their debts in 2025:
1. Take Stock of Your Finances
Understanding your financial situation is the first step. MMI recommends consolidating information about:
- Total debt
- Interest rates
- Payment due dates
- Accounts that may be past due
- Promotional rates or benefits (e.g., expiring 0% APR offers)
“Debt is just a number,” said Campbell. “Once you see where you stand, you can formulate a realistic plan to tackle it.”
2. Find Your Financial Wiggle Room
Small sacrifices can make a big difference. Consumers should look for opportunities to:
- Cut back on non-essential spending, such as dining out or entertainment
- Temporarily reduce certain expenses until their debt is under control
3. Don’t Get Comfortable with Debt
“The trick with debt is to manage it without letting it control your life,” added Campbell. “But don’t get so comfortable you forget it’s there. Holiday spending will come again, so make it a priority to pay down what you owe now.”
4. Seek Professional Help When Needed
MMI helps tens of thousands of consumers each year through its free financial counseling services. The organization works with creditors to reduce and fix interest rates, establish manageable payment plans, and help clients pay off their debts. Many clients benefit from MMI’s debt management plan, which saves them thousands of dollars in interest and accelerates their repayment.
Real Stories of Financial Success
According to MMI, the average consumer is carrying $30,000 of unsecured debt.
Matthew Reed of the San Diego area found himself $20,000 in debt before he reached out to MMI two years ago. Now, he’s on track to be debt-free in 2025.
“It’s that internal stress that you choose to show people - or don’t choose - and it eats away at you,” said Reed. “My credit report is back to where it was, my credit score is great. If I have a question, MMI is quick to respond.”
MMI: A Trusted Partner in Financial Wellness
In 2024, MMI counseled 35% more new clients than in 2023, with a 9% increase in the amount of unsecured debt carried by new clients. Younger Americans and Hispanic clients have shown the most significant increases, with a 38% rise in clients under 35 years old and a 58% increase in Hispanic clients seeking assistance.
About MMI
Money Management International (MMI) has been at the forefront of financial health solutions for over 65 years. As a leading nonprofit organization, MMI is dedicated to changing how America overcomes financial challenges by offering timely and expert guidance. Recognized by major financial organizations and media outlets, MMI’s programs help individuals reach their financial goals and foster a life of financial wellness. Learn more at MoneyManagement.org.
To schedule an interview with Jesse Campbell or an MMI client, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com