It’s official: U.S. consumer debt has hit a staggering, unprecedented new high.
If you’ve been feeling the pressure of rising costs, you’re not alone. Here at Parachute Credit Counseling, we’re seeing the fallout firsthand. The toxic combination of persistent inflation, soaring living expenses, and credit card Annual Percentage Rates (APRs) stubbornly holding above 22% is creating a dangerous cycle that’s pushing millions of households toward unprecedented financial distress.
The Problem: When Credit Becomes Survival
According to the latest Federal Reserve data, total credit card balances in the U.S. have soared past $1.23 trillion.
While credit cards used to be primarily for “wants,” our certified counselors are reporting a dramatic increase in clients who are using them for basic needs—groceries, gas, and housing—simply because their paychecks can’t keep up with inflation.
As Noelle Carter, President & CEO of Parachute Credit Counseling, explains:
“What we’re seeing is a dramatic shift in how people use credit. It’s no longer about discretionary spending; it’s about survival. When inflation forces families to put groceries on a credit card charging 22% interest, the debt becomes unmanageable very quickly. The interest payments are swallowing up disposable income, making it impossible to save or pay down principal.”
When you’re constantly paying 22% interest on necessary expenses, that debt quickly becomes an anchor, making it feel impossible to get ahead.
Deploy Your Financial Parachute: A Non-Profit Lifeline
The good news is that you don’t have to face this crisis alone. Professional, non-profit credit counseling is a confidential and critical lifeline designed to help you stabilize your financial future.
Parachute Credit Counseling is dedicated to helping you find solutions with personalized, non-judgmental assistance in three key areas:
1. Immediate Relief from High-Interest Debt
Through our Debt Management Plans (DMPs), our certified counselors can work directly with your creditors. The goal is to potentially lower interest rates and consolidate multiple payments into one manageable monthly bill, immediately making debt repayment achievable rather than an impossible burden.
2. Financial Education and Budgeting
We don’t just treat the symptoms; we help you fix the cause. We provide the tools and coaching necessary to stabilize your household budget, understand where your money is going, and ultimately break the reliance on credit to cover basic costs.
3. Targeted Support for Complex Debt
We offer expert guidance on areas beyond general credit card debt, including assistance with complex student loan repayment options. We know that student loan delinquency rates have seen a sharp rise since federal payments resumed, and we can help you navigate these specialized issues.
Don’t Wait for the Crisis to Worsen
If you are struggling to keep up with credit card payments, or if you feel overwhelmed by the prospect of rising debt, please know that confidential help is available.
At Parachute Credit Counseling (formerly Consumer Credit Counseling Service of Buffalo, CCCS), we have been helping individuals and families achieve stability and build better futures since 1965. We provide a non-judgmental environment focused entirely on solutions.
Ready to deploy your financial parachute? Reach out for a free, confidential consultation today.
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