Many Americans Still Struggling with Debt

Managing bills and staying in control of debt is something many Americans continue to struggle with. The providers of CareOne Debt Relief Services^® understand just how hard it can be to keep up with multiple obligations. Many of us have been in debt ourselves including our founder, Bernie Dancel. But we also know how it feels to get out of debt. That's why our mission, and our passion, is to help others find a way out of debt too. That's why CareOne providers are proud to offer multiple debt relief options covering the majority of the country.

No matter where you are, certain economic factors affect us all. Though there are some bright spots on the horizon, Americans are still recovering from the recent recession. According to a recent press release from the Mortgage Bankers Association (MBA) ¹ the delinquency rate for mortgages has declined in the first quarter of 2012 to the lowest levels since 2008. And personal bankruptcy rates seem to be on the decline as well, according to the National Bankruptcy Research Center (NBKRC)². While the data is encouraging, many financial experts are still advising cautious optimism.

For example, a recent Forbes Magazine³ article points out how some apparently positive signs of recovery can camouflage more complex situations. Like mortgages and bankruptcy, the average amount of credit card debt (as of May 2012) is also down from 2010 but this hides the fact that the credit card industry wrote off large amounts of seriously delinquent debt in 2010 which artificially deflates the number. The Plastic Safety Net⁴ study recently published by Demos also shows that while credit card debt has declined since their last survey in 2008, 40% of the households polled still rely on credit cards to pay day-to-day living expenses due to insufficient funds in savings or checking accounts. They also reported unemployment and medical bills as leading contributors to their debt.

CareOne's own internal data supports the notion that collectively, Americans, especially the younger generations, aren't out of the woods just yet. The majority of our consumers who sought debt relief in both 2010 and 2011 were between 18-44 years old. In 2011, the number of 18-24 year olds looking for debt consolidation increased 32% over the previous year. A contributing factor to this trend could be rising tuition costs and the need to attain a higher education degree in order to remain competitive in today's tough job market. The Demos study also states that nearly half of the households they polled were carrying medical debt averaging $1,678. This is consistent with what we have seen with our customers where instances of reporting medical bills as a reason for debt increased 9% from 2010 to 2011⁵.

But whatever the reason for being in debt, the providers of CareOne Debt Relief Services are committed to helping consumers work toward a debt-free life. We’re the nation’s largest brand of debt relief and work with 245,000 creditors across the country and have assisted over 5 million people. And, many of us have been in your shoes and we want to help get out of debt like we did.

If you're struggling with debt, we believe you deserve a second chance at financial freedom. Our Certified Personal Finance Counselors^® will work with you to create a personalized action plan based on your unique situation.

Learn more about debt consolidation in the following cities:

• AZ: Mesa and Phoenix
• CA: Fresno, Long Beach, Los Angeles, Oakland, Sacramento, and San Diego
• CO: Colorado Springs and Denver
• FL: Miami
• GA: Atlanta
• MA: Boston
• MI: Detroit
• MO: Kansas City
• NV: Las Vegas
• NC: Charlotte and Raleigh
• OH: Columbus
• OK: Tulsa
• PA: Philadelphia and Pittsburgh
• TN: Memphis
• VA: Virginia Beach
• TX: Arlington, Austin, Fort Worth, Houston, and San Antonio
• WA: Seattle