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Similar to Denver, residents of Colorado Springs boast a high median household income of $53,747, which is higher than the national average1. However, not every Colorado Springs resident is enjoying the same financial good fortune, as many are currently out of work. The Colorado Springs unemployment rate dropped in the last six months of 2012, but remained higher than the national average by a full percentage point at the end of the year2.
Some economists blame the high unemployment rate on the Waldo Canyon fire which took place in the summer of 2012. Many small businesses rely on tourists, who usually flood the area, to fuel the local economy. When the fires shut down the region, employers were forced to lay off many workers3. Other experts argue that Colorado Springs is suffering due to its reliance on sales taxes to buoy its budget and economy. Colorado Springs has historically been a conservative town when it comes to taxes; in 2009, rather than raise taxes, residents voted to live with fewer public services. There were municipal layoffs and fewer public dollars for highway and park maintenance. Instead, they opted to fund about half of the city’s budget through sales tax4, which can be unreliable in tough times when fewer tourists are visiting the area.
While city leaders will have to grapple with the tough decisions about whether or not to raise taxes, and how to bring back the tourist trade, residents of Colorado Springs are struggling with their own budgets and financial difficulties. According to our CareOne data, the average number of creditors reported by residents seeking loan-free debt consolidation in Colorado Springs, CO, was 3% higher than the 2012 state average and 2% higher than the national average. And, the amount of debt they reported owing was 10% higher than the 2012 national average.
The providers of CareOne Debt Relief Services® understand how it feels to be burdened by credit card and other types of debt. Many of us, including our founder, have been in your shoes. We battled our own personal debt, and won. So can you. If you’re looking for information on debt consolidation in Colorado Springs, CO, call our team of Certified Personal Finance Counselors® today. They’ll review your current situation and walk you through all your debt relief options. It’s not a loan, and it’s not bankruptcy. It’s a realistic and effective plan to get you back on track so you can achieve your financial goals.