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Boston has been enjoying a steadily improving job market along with a decreasing unemployment rate, most recently 5.9% in December of 2012, but despite these positive trends many residents continue to struggle to make ends meet. For example, 21.4% of the Boston populace is living under the poverty level, which is 10 percentage points higher than the state average. Additionally, the median household income in Boston is 22% lower than the state average.1
And, with over 52 higher education institutions in the metropolitan Boston area and 43% of the population holding bachelor’s degrees or higher, it should come as no surprise that student loan debt is also a major economic obstacle for Bostonians. In fact, 68% of graduates at just one of Boston’s colleges, The University of Massachusetts, have on average over $24,000 of student loan debt.2
One bright spot on the financial horizon is that the overall economic outlook for the state of Massachusetts in 2013 remains positive according to economists. This is mostly due to the improving job market, the rebounding real estate market, and strong exports to global markets in Europe and China.3
We know that while economists may be predicting positive momentum for the state in general, many individuals in Boston are still struggling financially and may be in search of information on debt consolidation without the need for a loan. The providers of CareOne Debt Relief Services® understand such struggles because we’ve been in your shoes. We faced our own challenges with debt, and won. We know there is a better way out of debt and our mission is to help others on their own journey out of debt. If you’re interested in learning more about our loan-free debt consolidation options or how we can help uncover your student loan options, call us today to speak with one of our Certified Personal Finance Counselors®. They’ll review your situation and take you through all your options so you can choose the plan that best suits your budget and your needs.