Home Personal Finance Debt relief industry sees surge as credit card balances swell

Debt relief industry sees surge as credit card balances swell

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With high monthly inflation, Americans are increasingly relying on credit cards to make ends meet record highNow, with more consumers seeking help, the debt relief industry is booming.

Debt.com chairman Howard Dvorkin, who has been in the debt relief business for 30 years, said demand across the industry has increased significantly over the past year.

Woman holding a credit card

As a result of soaring U.S. household debt, more consumers flocked to debt relief agencies. (iStock/iStock)

“Suddenly, someone flipped a switch on June,” Dvorkin told FOX Business.

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Dvorkin said he has hired 40 more people over the past two months to handle incoming calls to keep up with the surge in calls. He says consumers are feeling stressed, a pain he expects to last all year, possibly into 2024. state of the economy.

“I don’t think it will be as bad as the Great Recession, but it will definitely hit,” Dvorkin said.

pay by card

Americans are becoming more dependent on credit as inflation weighs on household budgets. (Simon Dawson/Bloomberg via Getty Images/Getty Images)

Dvorkin says the US is already in recession and will start showing teeth soon. CPA by Trade advises anyone overwhelmed by debt to seek help early before it gets out of hand.

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A debt relief veteran warns that as demand in the industry continues to rise, so will the number of scammers trying to take advantage of people in desperate situations. We encourage you to use reliable services.

woman worried about bills

The debt relief industry is booming due to the surge in consumer debt. (iStock/iStock)

Some people are strong enough to tackle debt on their own without assistance, but the first step for everyone is to assess where you are and make a plan. will only exacerbate the problem as the debt continues to grow.


“People are going to hurt. They are hurting now. Smart people are asking for help,” Dvorkin said. FOX business“People can get help but… the noose is getting tighter and people are starting to choke. Do you think it’s going to be disastrous? No, but will people choke? Yes. I believe so.”

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