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The providers of CareOne Debt Relief Services® have helped over 5 million people all across the country. We know that our customers find themselves in troubling situations due to a variety of circumstances, some of which can be affected by the economy of their home state. This seems particularly true for residents of New Jersey.
In May 2012, New Jersey’s unemployment rate1 was 9.2%, a full percentage point higher than the national rate of 8.2%. In 2010, 37.1% of unemployed New Jersey residents2 had been out of work for more than a year, a higher percentage than any other state. As of July 2012, extended federal benefits ceased for many long-term unemployed people in New Jersey; which may end up impacting around 100,000 people by the end of 2012, according to the New Jersey Star-Ledger3. As the length of unemployment increases, many residents may be relying on credit cards and/or loans to try and keep up with day-to-day expenses.
Unemployment could also be a factor contributing to home foreclosures in New Jersey. RealtyTrac4 reported that in May 2012, New Jersey experienced one of the greatest annual increases for homes entering the foreclosure process, rising 118%. In the same month, New Jersey was given the dubious honor of being ranked second5 out of all U.S. states for having the second highest foreclosure inventory (6.6%) as a percentage of all mortgaged homes.
The pressure on homeowners is reflected in CareOne’s own research. The number of homeowners in New Jersey seeking debt relief increased by 7% from 2010 to 2011 and was 5% over our national average.
The good news in New Jersey is that according to our own internal data, the number of average debts reported by residents seeking debt relief was 45% lower than our national average in 2011, and it decreased by 43% from 2010. Likewise, the average amount of debt reported by New Jersey residents seeking debt relief decreased by half, and was 38% lower than our national average. New Jersey residents are apparently making inroads into paying off their debts, despite the state’s challenging unemployment record.
No matter where you live, or what specific obstacles you may be facing in your state, we want to help you achieve financial independence. If you’ve been considering debt consolidation as a way to try to get out of debt, please call one of our caring and understanding Certified Personal Finance Counselors®. They will review your unique situation, walk you through the available options and help you choose a customized action plan to help you get back on track.