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The providers of CareOne Debt Relief Services® know that debt can happen to good people, for a number of different reasons. We know, because many of us have been in debt ourselves. We also know that every situation is unique which is why we offer multiple customizable solutions to suit the particular needs of each individual customer.
We hear from customers every day that they’re still struggling to recover from the “Great Recession” and that it has affected states, and their residents, in different ways. One state that was hit particularly hard was Michigan.
According to the most recent data from the Bureau of Labor Statistics, the current unemployment rate in Michigan is 8.5% which is higher than the national average of 8.2%1. The median household income is 7% lower than the national average and 14.8% of the population is living below the national poverty level, one percentage point higher than the national average2.
Data compiled by CareOne reinforces those statistics and shows that many Michigan residents are struggling to make ends meet in this tough economic climate. For example, the number of residents seeking debt relief who own their own homes rose 4.23% from 2010 to 2011 and was 11.5% higher than our national average. This may be due to increased pressure to make mortgage payments in a housing market that is seeing high numbers of foreclosures3. We also saw the number of younger Michigan residents in search of debt relief increase during that same time period. The number of 18 to 24 year olds seeking debt relief shot up 33% and was 14% higher than our national average. For 25 to 34 year old residents seeking debt relief the number increased 3% year over year but was 2% lower than our national average. We also saw the average number of individual debts reported by Michigan residents seeking debt relief increase 5% from 2010 to 2011. Fortunately the average amount of debt reported decreased 8% during that same time.
At CareOne we recognize that all these state-wide economic factors can affect your ability to keep up with your bills and your debt. The good news is that you’re not alone and you do have options, whether you’re a resident of Michigan or not. If you think debt consolidation might be an option to help you regain your financial footing, we encourage you to call us today. Our mission is to help you get the second chance you deserve to achieve your goals. Our Certified Personal Finance Counselors® will review your unique situation and walk you through all of your options so you can make an informed decision and choose a customized plan that will work for you.
View our article about debt in Detroit for more information on debt in Michigan.