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When you’re fighting debt, the most powerful ally you can have is someone who’s been there. Many of the providers of CareOne Debt Relief Services®; have stood in your shoes. Many of us—including our founder, Bernie Dancel—have struggled with debt. That’s why we’re passionate about helping people find solutions that work for their individual situation.
Every day, we speak with people across the country about their struggles. Illinois is one of the “lucky” states: our internal data shows that the average number of individual debts for Illinois residents seeking debt relief decreased 54% from 2010 to 2011. The amount of debt carried is lower too, down 50% in that same timeframe. But other numbers are on the rise. For example, the number of 18–24-year-old Illinois residents seeking debt relief increased 18% from 2010 to 2011. It’s no wonder debt is so high among Illinois young people: the average amount of Illinois college debt in 2010, according to the Project on Student Loan Debt¹, was a staggering $23,885. And, while it’s great that so many young people are receiving advanced degrees, it’s sobering to consider that 62% are carrying that much debt.
Nationally, student loan debt has reached about $870 billion, according to the Chicago Tribune2. That’s more than credit cards and auto loans—but harder to pay off. Another Chicago Tribune3 article reports that delinquency rates on student loan debt are almost twice the amount of other household debts. The article cites data that shows one in four student loan borrowers have past-due balances.
Student loan debt isn’t the only issue faced by Illinois college students. Data from Hoffman, Brinker & Roberts4 shows that 43% of freshmen and 74% of upperclassmen own a credit card, with 41% of those cardholders carrying a balance from month to month. Between student loan debt, credit card debt, and a struggling job market, graduating seniors are facing tough financial challenges.
The providers of CareOne Debt Relief Services can help Illinois students better manage all their debt by first consolidating their unsecured credit card debt in order to free up their finances to tackle the student loans that are not eligible for debt relief plans.
We offer two different debt consolidation options: Debt Management Plans (DMPs) allow you to combine your unsecured debt into a single monthly payment, which can lead to lower interest rates and save time on repayment, while still allowing you to pay your debts in full. With a Debt Settlement Plan (DSP), you’ll make monthly deposits into an escrow account while we work to reach a settlement with your creditors. Once a settlement is reached for less than the amount that is actually owed, your payments will come from the money accrued in escrow. Remember, these plans aren’t bankruptcy or loans: they’re ways to make paying off your debt more manageable.
We’ve helped over five million people and we’ve got the power of experience behind us. If you’re an Illinois resident ready to fight your debt, our providers are ready to stand by you every step of the way.
For a free debt analysis, call one of our Certified Personal Finance Counselor® today at 1-888-694-3328. They’ll review your unique situation and present a debt consolidation action plan, customized just for you.