STAFFORD, Texas, Oct. 24, 2022 (GLOBE NEWSWIRE) — According to nationwide nonprofit Money Management International (MMI), current and upcoming Federal Reserve rate of interest hikes may add as a lot as $4,500 in curiosity costs to shoppers making minimal funds on their bank cards. This determine relies on the $18,150 common stability of these searching for bank card debt assist from MMI.
The Federal Reserve is searching for to comprise inflation by climbing rates of interest, with two extra fee hikes anticipated by the tip of the yr. These rate of interest hikes will increase common bank card charges to almost 20% APR by yr’s finish – a file excessive since Bankrate started monitoring this knowledge. There are additionally some indications that bank card delinquencies are starting to rise.
“People are worried right now about rate hikes and paying back their debt, and understandably so,” mentioned Jim Triggs, President and CEO of MMI. “The price of everything is going up, and it can be difficult in this environment to stay on top of your debts.”
MMI is without doubt one of the nation’s oldest and largest nonprofit credit score counselors. Clients who enter into a debt administration plan with MMI can considerably scale back their rates of interest. MMI purchasers pay a median of simply 6.41% APR* on included unsecured money owed, a determine that may assist shelter them from an inflationary atmosphere.
MMI has a lot of debt administration purchasers throughout the nation who’ve not too long ago paid off as much as six-figures value of debt, boosting their credit score scores by as much as 250 factors alongside the way in which. One of those purchasers – Marlon Iberra of Pico Rivera, CA – not too long ago accomplished his debt administration program, boosting his credit score rating by greater than 200 factors within the course of.
“MMI really helped me get back on my feet,” mentioned Ibarra. “Debt management was the best thing I could have ever done considering my financial struggles.”
Despite the advantages of nonprofit debt administration, a current Harris Poll commissioned by MMI discovered that just about 3 out of 4 Americans have been unaware of the rate of interest reductions out there to them.
“We simply want people to know all the options available to them to help save money, avoid harmful options or scams, and to find financial freedom,” added Triggs.
*aggregated common of MMI’s DMP consumer accounts in 2021
About MMI
Money Management International (MMI) is altering how America overcomes monetary challenges. MMI helps create, restore, and keep a lifetime of monetary wellness by way of empowered selections. For over 60 years, our purchasers have achieved monetary confidence by way of nonprofit packages that educate, inspire, and liberate. MMI conjures up motion by delivering knowledgeable skilled steerage and well timed options aligned with our consumer’s targets. Experiencing a monetary problem? Find your resolution 24/7 at 866.864.8995 and MoneyManagement.org.
For reporters trying to interview “real people” for tales, MMI has created a bunch of almost 200 purchasers from throughout the nation who’re keen to share their experiences with the media within the hopes of serving to others challenged with debt. MMI Peer Advocates have paid off over $9 million of debt and now function group ambassadors. Hear from them at MMI’s podcast, Long Story $hort.
To schedule an interview with Jim Triggs and any of our MMI Peer Advocates together with Marlon Iberra, please contact:
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