STAFFORD, Texas, June 07, 2023 (GLOBE NEWSWIRE) — Money Management International (MMI) internal data shows an increase in young consumers reaching out to the nonprofit for help paying down debt.
MMI has seen an 81% increase in clients aged 18-29 in the first quarter of 2023 compared to the same timeframe last year. This follows a 84% year-over-year increase in the same age group observed in 2022.
MMIs data follows a trend the New York Fed has reported, which shows more significant distress among younger borrowers.
Young adults, especially those in their 20s, may be more likely to pile on significant debt as inflation continues to grip the nation. This age group also faces the challenges of college loan repayment and lower-paying first …
Read the full article at: https://www.globenewswire.com/news-release/2023/06/07/2683929/0/en/Nonprofit-MMI-Warns-Credit-Card-Debt-Hitting-Young-Consumers-Hardest.html