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Debt Consolidation
WASHINGTON
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Residents Still Struggling in Washington State

If you're experiencing financial difficulties, the providers of CareOne Debt Relief Services® know how you feel, because many of us have been in your shoes. We know the frustration of being in debt, but we also know how to overcome it. That’s why we’re passionate about helping others find a solution, so they can experience the peace of mind that comes with being able to live debt-free. Every situation is unique and may require a different approach, that’s why we’re committed to learning about, and understanding, the specific challenges and concerns each of our customers have.

If you’re a resident of Washington State, we know that you may be suffering from a state economy that continues to slowly recover from the “Great Recession”. According to Bret Bertolin1, a senior economist for the Washington State Economic Forecast Council, Washington is still experiencing a “muddle-through economy, with low growth, high unemployment and weak confidence.” Washington’s unemployment rate has decreased slightly from 2011’s height of 9.6% but is still 8.3%, higher than the national average2.

CareOne providers have seen the number of younger residents seeking debt relief increase dramatically. From 2010 to 2011, the number of 18 to 24 year old Washingtonians seeking debt relief grew by 26% and was 8% higher than our national average. Likewise, the number of residents aged 25 to 34 who were seeking debt relief also grew by 3% during that same time frame and that number was 6% higher than our national average. As national unemployment rates for younger Americans spike3 and tuition rates increase, it’s not hard to see that younger Washingtonians are facing tough economic times and may be relying on credit cards to make ends meet.

However, there is some good news. According to CNN Money, the average resident of Washington State had $6,825 in credit card debt in 2011, a decrease of 8% from the previous year4.CareOne providers have seen the same positive trend. The average number of individual debts reported by Washingtonians seeking debt relief decreased 19% from 2010 to 2011; 22% lower than our national average. Likewise we’ve also seen the average amount of debt reported by those residents decrease 21% during that same time period; 11% lower than our national average.

There are many other reasons that cause people to seek out debt consolidation help and we realize that everyone’s situation is unique and that many Washington residents may still need our help. If you’re considering debt consolidation as a solution to your financial challenges, please call one of our Certified Personal Finance Counselors® today. They’ll talk to you about your unique situation, provide a free analysis and help you learn about all your options.

View our article about debt in Seattle for more information on debt in Washington.

For more reading on debt in other Pacific states see our articles on Alaska, Oregon, California, and Hawaii

 

 

 

1 Columbian.com, www.columbian.com/news/2012/apr/20/muddle-through-economy-foreseen-washington-state-e/
2 Bureau of Labor Statistics, http://data.bls.gov/timeseries/LASST53000003
3 Bureau of Labor Statistics, http://bls.gov/web/empsit/cpseea10.htm
4 CNN Money, http://money.cnn.com/news/storysupplement/economy/credit_card_debt/index.html
 
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