The National Foundation for Credit Counseling (NFCC) has released its latest findings from the 2024 Financial Literacy and Preparedness Survey, conducted in partnership with Harris Poll. This annual report continues to shed light on the financial behavior and well-being of Americans. The 2024 data confirms that many households are still facing serious challenges with managing debt, budgeting, and planning for the future.
While this year’s results reflect some improvement in basic financial knowledge, troubling patterns remain, especially for those struggling with credit card debt, low income, or a lack of emergency savings. The NFCC’s work remains critical in connecting consumers to trustworthy, affordable credit counseling services that can help them regain financial stability.
Each year, the NFCC survey explores how Americans handle their finances: their confidence levels, behaviors, and preparedness. The 2024 report finds that:
This survey is a key resource for understanding how U.S. consumers are navigating inflation, rising interest rates, and lingering debt from past financial setbacks.
For a deeper look at key financial concepts, visit What is Financial Literacy? Key Concepts and Benefits.
Despite the growing need, only a small percentage of adults—around 8%—say they’ve sought help from a nonprofit credit counseling agency in the past year. That’s unfortunate, because credit counseling can offer a proven way to reduce monthly payments, negotiate with creditors, and build a personalized budget.
Organizations like those affiliated with the NFCC offer certified credit counselors who can help assess your financial situation and create a step-by-step plan. Consumers don’t need to navigate debt alone. A counselor can guide you through your options without pressure, sales tactics, or bias.
For more information on evaluating credit counseling agencies, visit How to Know if a Credit Counseling Agency is Legitimate.
The National Foundation for Credit Counseling, or NFCC, operates with high standards for counselor certification and member accountability. Through programs such as budget reviews, debt assessments, and financial education, these agencies help ensure that clients get accurate, personalized advice.
It’s important to confirm that your counselor holds valid credentials and that the agency is backed by a strong accreditation process. You can learn more about agency credentials and standards at Using Memberships, Accreditations, and Other Badges to Evaluate an Agency.
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Among all forms of unsecured debt, credit card debt continues to be one of the most stressful for American households. Interest rates on credit cards remain high, and balances can grow rapidly if minimum payments are missed.
The NFCC survey found that a large portion of people who carry balances month to month have no plan to eliminate that debt. This lack of action often stems from limited financial literacy and a lack of awareness about available resources.
Consumers with multiple cards may benefit from a customized debt management plan, or DMP. This program allows you to combine payments into a single monthly amount, often with reduced interest rates and waived fees.
If your debt has become unmanageable, bankruptcy might seem like the only option. In that case, bankruptcy counseling is a legal requirement. Nonprofit credit counseling agencies approved by the Department of Justice can provide both pre-filing and post-filing education.
These sessions ensure that consumers understand the consequences of bankruptcy and explore all possible alternatives first. For those struggling to decide between consolidation, settlement, or legal action, counseling is a safe and affordable first step.
The counselor certification process is a key part of guaranteeing quality service. Reputable agencies require their credit counselors to be trained and regularly re-certified in areas like budgeting, housing, and debt resolution.
This ensures that clients receive up-to-date information tailored to their specific needs. Consumers should always ask about certifications before sharing personal financial information.
Agencies affiliated with the credit counseling NFCC network follow strict quality standards and maintain nonprofit status. They do not profit from your debt and will never pressure you into services you don’t need.
Working with an NFCC member agency ensures that your credit counseling experience is backed by the nation’s oldest and largest network of nonprofit financial education providers. To learn more about their history and mission, visit National Foundation for Credit Counseling.
Whether you’re overwhelmed with credit card bills, facing collections, or just unsure how to plan ahead, help is available. You don’t need to wait until things are out of control to seek guidance.
April is Financial Literacy Month, and it’s a great time to explore your options. Check out This Financial Literacy Month, Brush up on Financial Terms to test your knowledge and build confidence.
If you’re ready to take action, reach out to a certified nonprofit credit counselor today and begin creating a better financial future.
