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We hear from customers in Oregon, and our internal data shows, that the state is particularly suffering when it comes to debt. While residents of many states are decreasing their personal debt, the figures for Oregon are alarmingly high. The average number of individual debts carried by Oregon residents seeking debt relief not only increased 63% from 2010 to 2011, but is also 59% higher than our national average. Sadly, that’s not the only sobering statistic. The average amount of debt carried by those residents rose 68% and is 81% higher than the national average.
Why? One reason may be the tendency among Oregonians to make late payments on credit cards. The Oregon Society of CPAs1 offers some revealing data. According to their research, Oregon residents on average have $2,942 in credit card debt. Almost 11% of those residents are likely to be more than 90 days late on their payments. Late payments mean additional fees and penalties may be applied to their balances, making it harder for consumers to dig themselves out of debt. One reason Oregon residents may be struggling to make payments on time could be the high unemployment rate the state is currently experiencing. According to the Bureau of Labor Statistics, as of May 2012, the unemployment rate in Oregon was 8.4%; which is higher than the national average of 8.2%2. In addition, the U.S. Census reports that 14% of the state’s population is currently living below the poverty line3. Students trying to begin their careers are also struggling financially in Oregon. Our data shows that the number of residents seeking debt relief in the 18 to24 age range grew 34% from 2010 to 2011 and was7% higher than the national average. The average Oregon student is graduating with an average of $21,000 in student loan debt4. As Oregon residents of all ages try and weather this economic storm, they may feel alone and out of options. But there is hope. As providers of the CareOne Debt Relief Services® brand, we’re dedicated to helping consumers find a way out of debt regardless of the cause. We offer multiple debt relief options in order to find the right solution for each unique situation.
If you’re interested in learning more about debt consolidation, we encourage you to call one of our Certified Personal Finance Counselors®. They’ll conduct a free debt analysis, walk you through all your options and help you find a customized action plan to help you work toward debt-free life.