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With the economy on a slow road to recovery from the recent recession, perhaps no other city exemplifies patience, perseverance, and resourcefulness as Detroit, Michigan. As the headquarters to some of the biggest names in the automotive industry, this blue collar city has endured one of the most difficult economic downturns in our nation’s history.
In December 2012, the unemployment rate for the Detroit-Warren-Livonia metropolitan area stood at 10.2%, a 5% increase from a year earlier1. Furthering the problem, the median household income for Detroit residents—currently at $27,8622—has fallen continuously since 2007 and is well below the national average of $52,7623. While these figures paint a grim economic picture, the proprietary data from CareOne Debt Relief Services®, on loan-free debt consolidation in Detroit suggests that Detroit residents may be more resourceful and frugal than most when it comes to their finances. According to our 2012 figures, Detroit residents owed 44.7% less in unsecured debt and credit card balances than the national average. This represents a second consecutive year of decline in debt balances and is one of the reasons why Detroit is poised to benefit from the trends currently shaping the country’s economy.
Despite their best efforts to cut back on expenses, many Detroit residents are still struggling to meet their financial obligations but may not be aware of the options available to them. For those, and anyone else who may be seeking relief through debt consolidation in Detroit, Michigan, CareOne providers offer alternatives to loans and bankruptcy. The process begins with a free call to one of our Certified Personal Finance Counselors® and a no-obligation analysis of an individual’s debt, followed by a recommendation of a customized debt relief plan that suits the individual needs and budgets of our customers. We have helped over 5 million people, and we’d like to help you, too.