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Residents of Colorado may enjoy a high median household income, but they also see a higher percentage of their disposable income going towards debt payments, according to a recent report by the Federal Reserve Bank of Kansas. In fact, debt payments made up 14.1% of disposable income in Colorado as compared with the national rate of 13.6%1. Unfortunately, this trend means that Denver residents with lower than average household incomes may be experiencing an even greater debt burden.
The median household income in Denver is 18% lower than the state average, and the number of people living below the poverty line in Denver is 50% higher than the rest of Colorado2. Our own CareOne data shows that residents who sought information on loan-free debt consolidation in Denver, CO, reported an average amount of debt owed that was 11% higher than our 2012 national average.
The good news is that a recent economic forecast released by the Metro Denver Economic Development Corporation predicts that 2013 will be a good year for Denver residents. They predict population growth, and more importantly, employment growth that will outpace the state and the nation as a number of healthcare and financial service businesses expand3. They also predict a strong housing and real estate market along with increased construction activity in 2013. However, while the indicators are looking positive, because so many Denver residents are facing tough financial challenges, full economic recovery is still a ways off for many.
The providers of CareOne Debt Relief Services® understand how it feels to struggle with the burden of debt because many of us have been in your shoes, including our founder Bernie Dancel. He created CareOne to provide others with a better way out of debt. If you’re looking for debt consolidation in Denver, CO, we encourage you to call us today to learn more about our approach to debt relief. It’s not a loan, and it’s not bankruptcy. It’s a realistic and personalized plan to help you achieve your financial goals.