AI tools drive surge in U.S. consumers seeking debt-relief advice
More Americans are turning to chatbots like ChatGPT for help with personal debt, but experts warn of misinformation and privacy risks.
Following a divorce that left her with $22,000 in debt, Megan Martin turned to an AI chatbot for guidance and was directed to Money Management International, a nonprofit credit-counselor that lowered her credit-card rates and created a repayment plan. The organization says referrals from ChatGPT surged 470% in May, coinciding with OpenAI’s rollout of a personal-finance assistant. A NerdWallet survey shows 26% of Americans now ask AI about money matters, attracted by the anonymity the technology offers.
However, Thomas Nitzsche warns that chatbots can hallucinate, and about one in ten users have received incorrect financial information. He also flags the risk of sponsored results from for-profit debt-settlement firms. Experts recommend verifying AI advice with trusted human advisers and refraining from providing personal details to the platforms.
Why it matters
Consumers are increasingly relying on AI for financial decisions, making accuracy and privacy safeguards crucial.
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