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Debt. The providers of CareOne Debt Relief Services® have been there. We know from our own experiences how to become debt-free, and we want to help others achieve their financial goals. Each situation is different, and we’re commited to understanding the specific issues you are facing no matter where you are.
We hear from customers nationwide that their financial burdens are increasing. However, the average amount of debt reported by Ohioans seeking debt relief decreased 6% from 2010 to 2011, according to our internal data. This is a positive trend, but a closer look reveals that the true picture may be different for Ohio homeowners and young adults.
The latest Census records show that the homeownership rate in Ohio is higher than the national average, at 69.2%, compared to 66.6% nationally1. However, the number of Ohio residents seeking debt relief who own their own home increased 7% year over year from 2010 to 2011, and that number was also 7% higher than the national average.
Foreclosure remains a problem for many homeowners. RealtyTrac, an online marketplace of foreclosure properties, currently ranks Ohio as the state with the sixth highest level of foreclosure activity2. According to the site, one out of every 495 homes in Ohio is in foreclosure.
In addition to mortgage debt, Ohio ranks seventh in the nation as having the highest average student debt in the country, according to the non-profit Project on Student Debt4. The organization reports that the average amount of debt for Ohio’s graduating seniors in 2010 was $27,713 . CareOne’s own data show that the number of 18 to 24 year olds in Ohio seeking debt relief increased 33% year over year-7% above the national average.
Ohioans with high mortgage debt or student loans may have less money left over to pay for other expenses, such as childcare, or groceries. As a result, they may have increasing levels of credit card debt. It was recently reported on the CNN Money website that the average credit card balance for Ohio residents in 2011 was $6,557.
For people seeking relief, credit card balances can be managed with debt consolidation. While you are not usually able to combine mortgages and student loans under a debt consolidation plan, if you eliminate all of your unsecured debt first, it could lessen the pain of your other payments.
There are multiple options for debt consolidation. A CareOne Certified Personal Finance Counselor® can work with you to understand the details of your unique situation and help you come up with a plan for managing your debt.
View our article about debt in Columbus for more information on debt in Ohio.