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According to CareOne’s internal data on loan-free debt consolidation in Philadelphia, PA, the average amount of debt owed by residents was 25% lower than the national average in 2011 and 22% lower than the average in 2012. While this may seem to be an encouraging trend among those who have already reached out for help, it hides the fact that many Philadelphia residents are struggling under a terrible financial burden and may not have found help yet.
Take for instance, the high level of poverty in Philadelphia; according to the most recent census data, 25.6% of the population is living below the national poverty level which is a staggering 103% higher than the state average. On top of that, the median household income for residents is 28% lower than the Pennsylvania state average.1 Unfortunately the job market in Philadelphia hasn’t been experiencing the same level of growth as other cities and the unemployment rate has actually risen from 7.7% in November 2012 to 8.4% in December 2012.2
And for those residents relying on higher education to help them stay competitive in the increasingly tough job market, the news isn’t getting much better. 70% of Pennsylvania graduates will leave school with student loan debt, owing almost $30,000 on average.3
At CareOne Debt Relief Services®, we understand the stress of being in debt because many of us, including our founder Bernie Dancel, have been in your shoes. We know what it’s like to struggle financially and we want you to know that you do have options. Whether you’re dealing with overwhelming household bills, student loans, or just looking for information on debt consolidation in Philadelphia, PA, our Certified Personal Finance Counselors® are ready to help. It’s not a loan, and it’s not bankruptcy. After a free debt analysis, they’ll present you with realistic customized solutions. Together you can work towards implementing an action plan that helps you manage your finances so you can get back on track.