A new national survey from Consolidated Credit finds that many Americans wait until their credit card debt reaches five figures before seeking professional help, underscoring a disconnect between rising debt levels and consumer awareness of debt relief options. The survey of 1,005 U.S. adults reveals that 78% carry credit card debt, with nearly 30% owing $10,000 or more. Despite these balances, many consumers consider their debt “manageable,” which may delay action and lead to missed opportunities for early intervention.
The findings come as total U.S. credit card debt has climbed to approximately $1.25 trillion, according to the Federal Reserve Bank of New York. The survey reinforces concerns about how Americans are coping with inflation and rising living costs, relying more on credit cards for everyday expenses. “Many consumers don’t seek help until they feel they’ve exhausted every other option,” said Roxanne Grant, NFCC Certified Credit Counselor at Consolidated Credit. “The reality is that the earlier someone addresses their debt, the more options they often have available to regain control and avoid long-term financial damage.”
Awareness of debt relief solutions varies significantly. While debt consolidation loans and bankruptcy are widely recognized, nearly half of respondents were unaware that nonprofit organizations offer Debt Management Programs (DMPs), and only 37% reported familiarity with DMPs overall. Many respondents expressed concerns about how debt relief programs could affect credit scores, repayment timelines, and monthly costs, contributing to hesitation even though 70% said they trust nonprofit credit counseling agencies.
The survey also revealed that about 1 in 5 respondents would delay seeking help until debt becomes a last resort, while 6% would never seek professional assistance. Only 39% had ever enrolled in a DMP. Many consumers begin by researching solutions online or consulting with family and friends before contacting a credit counselor. Debt Management Programs offered through nonprofit agencies help consumers consolidate unsecured debt into one monthly payment while potentially reducing interest rates and fees. Consolidated Credit notes that program fees are capped nationwide and often lower than consumers expect.
The findings suggest that greater consumer education is necessary to help Americans understand when and how to seek trustworthy guidance before debt reaches crisis levels. For more information, visit Online counselors.
