The Superior Court has seen its debt collection caseload “skyrocket” in recent years, Rob Oftring, a court spokesman, said in an email. He said that the project was in its early stages and that any new tool would be tested rigorously, emphasizing “a thoughtful and cautious approach that recognizes artificial intelligence’s limitations, risks and potential impacts.”
Where can I get help managing my debt?
Nonprofit credit counseling groups can analyze your budget and spending — typically, free of charge — to help keep you on track. They may also, for a fee, negotiate a debt management plan in which credit card companies agree to let borrowers pay off their debt over several years at a lower interest rate.
Titus Milan, 28, an e-commerce manager in Texas for an air-conditioning company, said he had sought advice from ChatGPT on managing his debt — which led him to receive help online from Money Management International, a nonprofit debt counseling firm. (He uses a paid version of the chatbot, and asked it to direct him to “low risk” debt management options.)
Mr. Milan said his card debt had ballooned to about $15,000 — at about 26 percent interest — after he moved to a new apartment and bought furniture and other items. He was able to enter a repayment plan that reduced his overall interest rate to 10 percent and put him on track to clear his debt in three to four years. (He is still paying off some card debt outside the formal plan.)
Money Management International noticed an increase in online referrals from ChatGPT this spring, said Tom Nitzsche, a company spokesman. In May, when ChatGPT’s personal finance platform was released, the company recorded 3,000 referrals, up from about 1,000 in April. (Money Management International doesn’t advertise on the tool, although it could, Mr. Nitzsche said.)
While consumers increasingly seek financial advice from A.I. services, privacy experts are raising concerns about sharing sensitive personal or financial information with the tools. You can find nonprofit credit counseling groups online directly, through the National Foundation for Credit Counseling or the Financial Counseling Association of America.
