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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 2018, New Jersey’s unemployment rate1 was 4.1%, almost a half percentage point higher than the national rate of 3.7%. In 2014, 41.4% of unemployed New Jersey residents had been out of work for more than half a year, a higher percentage than every other state except New Mexico2. 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. Experian3 reported that in 2018, New Jersey experienced the highest home foreclosure rate in the entire country, with one in ever 605 homes being foreclosed.
New Jersey also boasts one of the highest average student debts, coming in at $32,247, with 67% of college graduates being in debt3. The rising cost of education is certainly to blame here, but the good news is New Jersey offers several different student debt relief programs for those who decide to teach at an elementary or secondary school after graduation4 The program requires you to teach in a high-need elementary school, secondary school, or educational services agency for 4 years after graduation, and will help pay off up to $4,000 of debt per year.
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 looking for a debt consolidation program in New Jersey, 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.