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The providers of CareOne Debt Relief Services® understand how it feels to be in debt; because it’s something many of us have experienced ourselves. Even our founder, Bernie Dancel, found himself in debt as a young man. After overcoming his own battle with debt, he was motivated to help others find a better way out of debt. We also understand that every customer’s situation is different, that’s why we take the time to learn about your circumstances and help you find a solution that works for you.
We know from talking to many Louisiana residents that the recent economic downturn has had an impact on Louisiana. In addition to negative national economic trends, the devastation wrought by Hurricane Katrina, followed by the BP oil spill has had an added impact on the Louisiana economy and workers. The tourism and fishing industries as well as many other coastal businesses have been severely affected. According to the U.S. Census, 18.1% of Louisiana residents are living below the poverty level, which is 5 percentage points higher than the national average1. The Census also reports that the median household income is 19% lower than the national average. Our own internal data shows that many Louisiana residents are struggling financially and many are in need of debt relief. We’ve found that the number of individual debts reported by Louisiana residents seeking debt relief increased 8% from 2010 to 2011. The average amount of debt reported by those residents also increased, by 43%, over that same time period, and was 27% higher than our national average.
However, there is cause to believe that an improved job forecast could be on the horizon. Currently the unemployment rate in Louisiana is 7.2% which is one percentage point lower than the national average2. And more employment opportunities may come in the form of industrial construction related to Baton Rouge’s oil and gas industries, which are estimated to drive strong job gains in the region over the next two years. According to the Louisiana State University’s 30th annual “Louisiana Economic Outlook: 2012 and 2013,” the area is expected to gain 4,400 jobs in 2012 and another 3,300 in 20133.
Of course, not every Louisiana resident will be able to wait for the job market to turn around before they are forced to take action, and this is where we can help. CareOne providers are committed to partnering with you to help you work toward a debt-free life, and gain financial independence through financial education and our customized debt relief options. Call one of our Certified Personal Finance Counselors® today and they’ll work with you to create a personalized solution that is right for your unique situation.