The providers of CareOne Debt Relief Services® know that sometimes debt happens to good people, for a variety of reasons. In some instances our customers’ financial lives are affected and influenced by national economic factors like the recent recession.
While many states are still struggling to recover from the “Great Recession”, the impact on North Dakota and its residents has been less severe. According to the latest data issued by the Bureau of Labor Statistics, the unemployment rate in North Dakota is 3%, which is the lowest in the nation and five percentage points lower than the national average of 8.2%1. North Dakota also has the lowest foreclosure rate and the lowest credit card default rate in the country2.
However, not everyone in the state is able to enjoy the benefits of these favorable statistics. Younger North Dakota residents may be facing tougher economic challenges as they accrue student loan debt and face higher rates of unemployment3. According to an article from WDAZ TV, in 2011 graduates of the University of North Dakota were strapped with higher student loan debt than anywhere else in the nation4. The article goes on to say that 85% of the student population was in debt and that the average amount owed by each student was $45,000.
Furthermore, CareOne’s internal data shows that younger North Dakotans are struggling with their finances and seeking debt relief in greater numbers. From 2010 to 2011, the number of 18 to 24 year olds who were seeking debt relief increased 19% and was a whopping 36% higher than our national average. For 25 to 34 year old residents seeking debt, their numbers rose 5% during that same period which was 22% higher than our national average. The number of North Dakotans who were between the ages of 35 and 44 also increased 10% from 2010 to 2011.
We also saw the average number of individual debts that were claimed by residents seeking debt relief in North Dakota increase 4% from 2010 to 2011, although that number remained below our national average. The average amount of debt reported also decreased by 1%, but remained 3% higher than our national average.
If you’re a North Dakota resident struggling to make ends meet, we encourage you to call one of our Certified Personal Finance Counselors® and see if debt consolidation might be the right solution for you. We’ll review your unique situation, provide a free debt analysis and walk you through all your options. Regardless of the cause of your debt, at CareOne we believe that you deserve a second chance to achieve your financial goals.