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The providers of CareOne Debt Relief Services® understand what it’s like to be in debt. Many of us, including Bernie Dancel, who created the CareOne brand of debt relief services, were once in your shoes. We got out of debt and you can too. We know what it takes to become debt-free and we’re passionate about helping you find a way to get out of debt, whether you’re in Texas or reside elsewhere.
We hear from customers across the country about high levels of unemployment in their state. However, Texas boasts an unemployment rate that’s a full percentage point below the national average of 8.1%, according to the Bureau of Labor Statistics (BLS)1.
Unemployment rates are lower for adults with a college education (3.9% compared to 8.1%2 ), and Census data shows that 25.8% of Texas residents over age 25 have earned a bachelor’s degree or higher3 . However, many people need financial aid to help pay for college, and Texas residents are racking up large student loans. According to the Project on Student Debt, 56% of all 2010 graduating seniors in Texas had student loans, with the average amount being $20,9194.
On top of student loan debt, Texas residents also have significant amounts of credit card debt. A recent CNN Money report highlighted that the average Texas resident carries $6,724 on their credit cards5.
Many Texas residents are seeking debt relief to help manage these financial issues. According to CareOne’s own data, the number of 18 to 24 year olds seeking debt relief in Texas rose 27% from 2010 to 2011. The problem is made worse by the fact that these residents aren’t always able to combine student loans into a debt consolidation plan with their other debts. However, by getting rid of their other unsecured debt, it is possible to make student loan payments more manageable. Residents can then focus on paying off student loans and working to become completely debt-free.