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VIRGINIA
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Virginians Struggle with Unemployment and Debt

CareOne providers understand that each of our customers has a unique financial situation. It is our mission to get to know our customers, understand their specific challenges, and offer customized action plans to help them achieve their goals. In Virginia, many younger residents are facing two challenges: high youth unemployment rates and student loan debt.

As of May 2012, Virginia boasted a low unemployment rate of just 5.6% as compared with the national rate of 8.2%1. But, the national unemployment rate for Americans aged 16 to 19 years old is more than 23%; for 20 to 24 year olds the national unemployment rate is 13.7%2. And this doesn’t just reduce the chances for summer or part-time employment; it can also affect future employment and income prospects, according to huffingtonpost.com3. The same article states that recent college graduates who do manage to find employment are more likely to receive a wage seven to eight percent lower than someone who graduated during good economic times.

In order to compete in the workforce, many Virginians are turning to higher education to give themselves the edge they need to stand out. According to the U.S. Census, 33.8% of all Virginians have achieved a Bachelor’s degree or higher, which is 21% higher than the national average4. However, the advantages they claim upon graduation come with a hefty price tag. The average graduate in Virginia will carry $31,704 in student loan debts, the seventh highest amount among all 50 states5.

CareOne’s internal data supports the notion that Virginia’s younger residents are struggling to make ends meet amidst these obstacles. The number of residents between the ages of 18 and 24 seeking debt relief increased 33% from 2010 to 2011 and was 12% higher than our national average. The number of 25 to 34 year old Virginian’s seeking debt relief also increased during that same period, by 4%, and was 3% higher than our national average.

Whether you’re a young Virginian struggling to start your career, or if you’re facing different and unique financial challenges, the providers of CareOne Debt Relief Services® want to help you. If you think debt consolidation may be the right solution for your circumstances, we encourage you to call one of our Certified Personal Finance Counselors® today. They’ll provide a free debt analysis, walk you through our multiple solutions and help you determine a customized action plan to help you get back on track.

View our article about debt in Virginia Beach for more information on debt in Virginia.

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

 

1 Bureau of Labor Statistics, http://www.bls.gov/web/laus/laumstrk.htm/
2 Bureau of Labor Statistics, http://bls.gov/web/empsit/cpseea10.htm
3 Huffingtonpost.com, http://www.huffingtonpost.com/2012/07/13/youth-unemployment-gap_n_1669036.html?utm_hp_ref=business
4 U.S. Census, http://quickfacts.census.gov/qfd/states/51000.html
5 The Washington Examiner, http://washingtonexaminer.com/article/475326
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