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Debt Consolidation
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Multiple Economic Factors Affecting Kentucky Residents

The providers of CareOne Debt Relief Services® appreciate how it feels to struggle with debt. Many of us know from our own first-hand experience, including our founder, Bernie Dancel. We also know what it takes to become debt-free, and it’s our mission to help others follow the same path, whether they’re in Kentucky or elsewhere.

Kentucky residents have a lower-than-average amount of consumer debt compared to residents of other states. In 2011, according to a report by CNNMoney.com, the average Kentucky resident had $6,221 in credit card debt, down 15% from 20101. However, our internal data shows some residents are still struggling with large amounts of personal debt. The average amount of debt reported by Kentucky residents seeking debt relief from CareOne increased 14% from 2010 to 2011 and was 16% higher than our national average. This may be because, according to the Census Bureau, the household income in Kentucky is lower than the national median. From 2006 to 2010, the median income in Kentucky was $41,576, while nationally it was $51,9142.

Under these circumstances it can be difficult to save for the future or for financial emergencies. An unexpected financial setback or medical emergency may force consumers into relying on credit cards or loans and falling deeper into debt. For Kentucky residents, overwhelming medical bills may be adding to their difficulties.

According to a report by BusinessInsider.com, Kentucky was the eighth unhealthiest state in the union2. A large population of smokers and high levels of preventable hospitalizations and cancer deaths may are contributing factors to this unfortunate ranking.

Homeownership and keeping up with mortgage payments is another issue many residents are facing. From 2006 through 2010, 69.9% of Kentucky residents owned their own home which was higher than the national rate of 66.6%, according to Census data3. While this is encouraging, our own internal statistics show that the number of Kentucky homeowners in need of debt relief is increasing. The number of homeowners seeking debt relief increased 9% year over year from 2010 to 2011, and that number was 20% higher than our national average.

In addition to this, the amount of debt Kentucky residents are accruing is also increasing. According to our data, the average amount of debt reported by residents seeking debt relief increased 14% from 2010 to 2011 and was 16% higher than our national average.

Kentucky residents are facing several serious financial risk factors; if you’re feeling the burden of debt we want you to know that help is available. At CareOne, many of our employees have been in debt for a variety of reasons. We go out, and we can help you, too. Let one of our Certified Personal Finance Counselors® help you determine if debt consolidation is right for you. We’ll provide a free debt analysis, walk you through your options and help determine a customized action plan to start getting you back on track.

For further information on debt in other Southern states see West Virginia, North Carolina, South Carolina, Georgia, Florida, Tennessee, Mississippi and Alabama


1 CNN Money, http://money.cnn.com/news/storysupplement/economy/credit_card_debt/index.html?iid=EL
2 Business Insider, http://www.businessinsider.com/unhealthiest-states-in-america-2011-12?op=1
3 U.S. Census Bureau, http://quickfacts.census.gov/qfd/states/21000.html
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