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Debt Consolidation
PENNSYLVANIA
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Younger Pennsylvania Residents Seek Debt Relief

If you’re in debt, the providers of CareOne Debt Relief Services® understand how it feels. Many of us have been there; more importantly, we know what it takes to get out, and we have a deep commitment to help you get there.

If you’re a resident of the state of Pennsylvania there are recent positive – and negative – economic trends that may be affecting you. According to the Bureau of Labor Statistics (BLS), the unemployment rate in Pennsylvania is lower than the nation’s average (8.2%), at 7.4%1 . One contributing factor to this low statistic may be Pennsylvania’s educated work force. The Census Bureau reports that more than one in four residents over age 25 possess a Bachelor’s degree or higher2. The unemployment rate for people who have at least a college degree is nearly half the unemployment rate for those without, based on the latest national figures from the BLS3.

However, higher education comes at a cost, and many Pennsylvania residents have substantial amounts of student loan debt. Over 70% of the state’s graduating seniors in 2010 carried student loan debt at graduation, with an average amount of $28,599, the fifth highest in the country, according to the Project on Student Loan Debt4.

With such large amounts of student loan debt, an increasing number of young Pennsylvanians may be facing serious financial struggles. Not only are young graduates leaving college already in debt, but they face tough odds as they try to break into the workforce. As young Pennsylvanians try to manage day-to-day living expenses while looking for work, they may rely on credit cards and loans, which may lead them further into debt.

As graduates age, their high levels of debt may be staying with them. Our statistics show that the number of 25 to 34 year old residents seeking debt relief also increased 4% last year, and was 3% higher than our national average. For 35 to 44 year olds, the number seeking debt relief didn't increase, but it was still 3% higher than our national average.

Fortunately, regardless of the cause, CareOne offers Pennsylvanians multiple debt consolidation options to reduce their unsecured debt. Two examples are: Debt Management Plans (DMPs) and Debt Settlement Plans (DSPs).* DMPs allow you to combine your unsecured debt into a single monthly payment that fits within your budget. It may also allow you to lower your interest rates, which can help you get out of debt faster. DSPs let you make a deposit into an escrow account each month, which is then used to pay your creditors when a settlement is negotiated.

View our articles about debt in Philadelphia and Pittsburgh for more information on debt in Pennsylvania.

To compare debt with other Mid-Atlantic States see our articles on New York, New Jersey, Delaware, Maryland, District of Columbia and Virginia

 

 

1 Bureau of Labor Statistics, http://www.bls.gov/web/laus/laumstrk.html
2 U.S.Census, http://quickfacts.census.gov/qfd/states/42000.html
3 Bureau of Labor Statistics, http://www.labor.state.ak.us/trends/may12.pdf
4 Project On Student Loan Debt, http://projectonstudentdebt.org/state_by_state-data.php
* Not all services are available in all states.
 
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