(InvestigateTV) — Thirty percent of all online counseling sessions at Money Management International (MMI) last October came from referrals through artificial intelligence platforms, according to the nonprofit.
MMI provides free credit counseling. Certified credit counselor Marla Puckett said more people are turning to AI for money help, and in the last month alone, about 1,000 people reached MMI through ChatGPT.
According to Credit Karma, financial advice is the second most common use for AI.
Puckett said rising credit card usage and interest rates are pushing more people to seek financial guidance.
“Folks are really buckling down with this economy,” Puckett said. “The credit card usage has gone up. Folks are getting deeper into debt, and the interest rates aren’t going down. Interest rates keep going up and so we are seeing a lot of folks looking for help with that.”
Puckett said many users are drawn to AI because of the anonymity it offers — a way to ask financial questions without judgment, particularly among younger generations.
Her work at MMI includes debt and budget counseling, helping clients set budgets, reduce credit card interest rates, and lower payments.
“What I do is what’s called debt and budget counseling,” Puckett said. “I help folks to learn how to budget. Set up that budget, help with their credit cards. Get interest rates reduced, payments reduced so that they’re easier to handle and another of other services in the financial realm.”
Puckett said she remains cautious about AI but is glad it is directing people to nonprofits rather than scammers.
Many experts say it is not safe to enter personal financial information into AI platforms, but can be used for broad financial concepts, general questions, and budget templates.
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