Released: November 08, 2007

Debt management plans can help consumers

Source: Eileen Alt Powell, Associated Press

Consumers struggling to keep up with higher gas prices and other rising household expenses have been pulling out their credit cards more often — sometimes too often.

Credit counselors report a sharp rise in the number of families seeking help, many of whom end up on belt-tightening budgets and debt management programs to pay down their balances.

“People are using their credit cards because they don’t have enough money to make it day-to-day,” said Howard Dvorkin, president of the nonprofit Consolidated Credit Counseling Service in Fort Lauderdale, Fla. “It’s driving the American consumer deeper and deeper into debt.”

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