Americans are grappling with significant debt, averaging $104,755 per person in mid-2025. Debt varies by generation, with Gen Z owing $34,328, Millennials $132,280, Gen X $158,105, Baby boomers $92,619, and Silent generation $38,460. Rising inflation and interest rates are pushing more towards credit for daily expenses. Debt relief programs offer consolidation, settlement, and credit counseling options to manage debt. Consolidation can trigger fees, settlement companies charge 15-25% of enrolled debt, and credit counselors negotiate lower rates. Consumers should weigh the pros and cons of debt relief, considering the impact on credit score and potential tax implications. Before enrolling in a debt relief program, consider budgeting, building an emergency fund, and increasing income. Debt relief should be viewed as a fresh start, with a focus on saving and avoiding new debt for long-term financial recovery.

Read more at Yahoo Finance: US consumers crippled by $105K debt on average in 2025. But can debt relief programs really help?