Each year, the National Federation for Credit Counseling (NFCC) puts out its financial stress forecast, which projects the financial strain for Americans in the coming months.

The NFCC works to help you get control of debt, and after talking to their clients, they are now predicting financial stress continues to grow.

On a scale of 1 to 10, it is at a 6.1 compared to their rating of 3.7 in 2022.

“It’s the 6.1 that’s concerning,” said Bruce McClary with NFCC. “That’s where there’s belt-tightening as people make decisions on what they can and can’t afford.”

You don’t have to look far for some of the reasons.

“First of all, interest rates are skyrocketing when you’re talking about credit card debt,” McClary added.

He says that interest rates on credit cards are high right now, and if you’ve missed payments, it can skyrocket to “possibly as high as 36%,” according to McClary.

The Federal Reserve confirms debt growing in the last quarter by $93 billion — that’s growing in credit cards, mortgages, auto loans and HELOC balances. NFCC says that’s the biggest concern when clients walk in the door.

Make sure to look at your finances and budget trim where you can, and reach out if you need help.

“The longer you wait to get a handle on your debt, the fewer options you have,” McClary said.

The NFCC is approved by the Minnesota Attorney General’s Office. If you start there, they can help you connect with a local, reputable company.