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The providers of CareOne Debt Relief Services® know how it feels to be in debt. Many of us have been there ourselves including our founder, Bernie Dancel. He saw the need for more options, and a better financial education for consumers who find themselves carrying too much debt. That’s why he created CareOne and it’s the reason we offer multiple plans that offer an affordable and practical way to become debt-free.
We realize that just like the rest of the country, for the last few years, Florida residents have felt the effects of a sluggish economy most notably illustrated by high unemployment rates and declining home values, but there may be reason for optimism. Although the economy is not making a dramatic turnaround, there are signs of life that should begin to bring relief to some of those affected by job loss, or who have seen their home values decrease, sometimes to the point of being worth less than they owe on their mortgage.
Job growth is starting to pick up nationwide. According to the National Conference of State Legislatures1, unemployment rates have declined in 49 states, DC, and Puerto Rico with only a slight rise in one state, New York. However Florida seems to be gaining jobs at a slightly better rate than the rest of the country. Figures from the Bureau of Labor Statistics2 show a 2% drop in Florida’s unemployment rate from 10.6% in May 2011 to 8.6% in May 2012. While an 8.6% unemployment rate is still high, a 2% decrease represents almost 54,000 more people employed than in the previous year.
There have also been some encouraging signs that the Florida real estate market may be recovering from its slump of recent years. A recent article in the Miami Herald3 reported that Florida home prices have risen 5.5% from this time last year. This is encouraging news, but prices have a long way to rebound to recover from a decline of almost 47% from their peak levels.
So although Florida’s economy has made some significant gains toward recovery, there’s still a long way to go before it can be considered healthy and thriving. We’ve found that many of our customers have relied on credit cards to help them get through the economic downturn and eventually realize they are in over their heads and in need of debt consolidation. Many Florida residents have already seen the need for reducing their debt load and we’ve seen the average amount of debt for Floridians seeking debt relief decrease 6% from 2010 to2011 and it is now on par with the national average. If your financial health has suffered during these tough economic times, talk to one of our Certified Personal Finance Counselors® about debt consolidation and how it could work for you. We will take the time to learn about your unique situation and help formulate a plan to get you back on track.
View our article about debt in Miami for more information on debt in Florida.