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Las Vegas is a city whose economy relies chiefly on domestic tourism and, therefore, was significantly affected by the Great Recession, which reduced the amount of disposable income Americans were willing to spend on travel and leisure. Not only has Las Vegas experienced a decline in tourism money, it has also suffered from a severe housing crisis and high unemployment rates.
The economic decline is beginning to slow, but many difficult challenges remain. The unemployment rate in Las Vegas dropped during the last six months of 2012, but remained at 10% in December, significantly higher than the national unemployment rate1. Similarly, the foreclosure market in Las Vegas saw a sharp decline in activity during 2012, but is still ranked as the city with the 16th highest rate of foreclosures among metro areas2.
According to our internal data, there is a bright spot on the economic horizon for Las Vegas residents when it comes to how they manage their unsecured debt. In 2011, the average number of creditors reported by residents seeking debt consolidation in Las Vegas, NV without a loan was 2% lower than the state average and the amount of debt owed was also below state and national averages. In 2012, the progress continued; the amount of creditors decreased to 4.8% lower than the state average and 7% lower than the national average. And residents were able to decrease the average amount of debt they owed to 5% lower than the national average.
At CareOne Debt Relief Services®, we understand that while progress is being made, many residents may still be struggling with their credit card and unsecured debt. We want you to know that you’re not alone, and you do have options. Many of us have also experienced the burden of debt. We got out, and so can you. If you’re looking for more information on loan-free debt consolidation in Las Vegas, NV we encourage you to call our team of Certified Personal Finance Counselors®. After they review your individual and unique situation, they’ll walk you through all your available options so that you can choose a debt relief action plan that will work for your budget.