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Located 22 miles south of downtown Los Angeles, Long Beach is one of Southern California’s most popular destinations for both tourism and business. However, despite being the busiest port on the West coast, Long Beach’s economy which depends heavily on public sector employment, was greatly impacted by the recent recession. In fact, many economists believe that unemployment rates in Long Beach will not reach pre-recession levels until 2014 or 2015.1
This slow recovery could be one reason why the average debt for Long Beach residents who sought to consolidate their unsecured debts in 2012, was 1% higher than the national average. While on the surface this figure may appear benign, a deeper dive into CareOne’s proprietary data on personal debt reveals an alarming trend as 2011 figures stood at 14% below the national average. This represents an astonishing shift in a span of only one year. Making matters worse, the median household income for Long Beach residents has dipped to $52,945, 16.4% lower than the state average,2 leading to tighter budgets and more difficulty in meeting financial obligations.
Such challenges are familiar to many of our employees who have faced and overcome their own struggles with debt, unemployment, and stress caused by financial hardship. That’s why we invite anyone burdened by their debt to contact one of our Certified Personal Finance Counselors® to explore their options for non-loan debt consolidation in Long Beach, California and to get started on the road to financial recovery. At CareOne Debt Relief Services® we begin the process by providing you with a comprehensive and free financial analysis to help you determine the action plan that best suits your needs. Together, we can help you as we have done so for over 5 million consumers.