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The providers of CareOne Debt Relief Services® understand how it feels to struggle with debt. Many of us have been there, and that includes our founder, Bernie Dancel. However, we also know what it takes to become debt-free and we’re devoted to helping others find their way out from under the weight of debt.
We understand that every situation is unique, and we appreciate the specific debt relief issues and financial factors you’re facing. We hear from our customers about how debt levels have been on the rise across the country, including Arkansas. Despite the fact that the state’s unemployment rate, at 7.4%1, is well below the national average (which is currently about 8%)2, it does not tell the whole story. For those who are employed, income in Arkansas is lower than the national average. According to the Census Bureau, median household income was $39,267 from 2006-2010. This is almost 25% less than the national median for the same time period3.
Adults who earn less money have a harder time building up savings for financial emergencies or unexpected events. If a situation arises that requires a sudden expense, it’s easy to rack up excessive credit card debt and fall behind on loans. Debt relief is often needed.
According to CareOne’s own data, debt has affected adults of all ages in Arkansas. The percentage of 18 to 24 year old Arkansas residents seeking debt relief rose an astounding 38% from 2010 to 2011—and was 8% higher than the national average. The picture is also bad for 25 to 34 year olds—an increase of 11% sought debt relief in the same time period. For 35 to 44 year olds, the increase was 6%.
CareOne’s own internal data shows that Arkansas residents seeking debt relief reported that the average number of individual debts increased 110% from 2010 to 2011 and was 111% higher than the national average. The data also shows that the average amount of debt owed by Arkansas residents seeking debt relief increased 160% year over year. This represents a severe need for debt relief and debt consolidation in Arkansas.
Debt consolidation comes in several forms and can help you regain control of your finances. Two examples are a Debt Management Plan (DMP) and a Debt Settlement Plan (DSP). With a DMP, you are able to combine your unsecured debt into one monthly affordable payment, and receive benefits such as lower interest rates, which could decrease the time it takes to become debt-free. With a DSP, you make a monthly deposit into an escrow account, and once enough money has built up in this escrow account, it is used to negotiate a settlement with your creditors for less than the amount owed.
The providers of CareOne Debt Relief Services understand how debt affects your ability to reach your financial goals. We want to help, and we’re committed to doing everything we can to assist Arkansas residents become debt-free. Call one of our Certified Personal Finance Counselors® today. They’ll walk you through your options and provide a free debt relief analysis and customized action plan to help you get back on track.