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Across the country, many Americans are struggling to meet the financial obstacles and challenges laid out before them. In Rhode Island, we know things are particularly tough for younger adults.
Our internal data shows that debt is on the rise for younger generations. The number of Rhode Island residents aged 18 to 24 who sought debt relief increased 40% from 2010 to 2011 which was 3% higher than our national average. Similarly, the number of 25 to 34 year olds searching for debt relief also increased, by 13% year over year and was 6% higher than our national average.
What’s behind these figures? Two culprits may be student loan debt and a high unemployment rate. According to The Project on Student Loan Debt, 67% of all Rhode Island college students are carrying debt; the 9th highest figure in the nation. Additionally, the average amount of debt owed is over $26,000; also the 9th highest average in the nation1. The unemployment rate is equally dismal. The Bureau of Labor Statistics reports that Rhode Island has the second-highest unemployment rate in the country at 11.1%2. For people under 25, that rate is even higher: a staggering 19.4%3. The combination of large debts and few jobs may be the reason for the financial distress we’re seeing with consumers in this age range. While student loan debt generally cannot be added to debt relief plans, many consumers do find financial relief by combining their other unsecured debt through a debt relief plan, which can lower interest rates and help waive additional fees, allowing them to then afford their student loan payments.
If you are in need of financial help and are looking for more information on debt consolidation, we encourage you to call us today. The providers of CareOne Debt Relief Services® have helped over 5 million people across the country who found themselves in debt for a variety of reasons, and our own first-hand experience getting out of debt motivates us to provide the best service and support possible. We’ll connect you with a Certified Personal Finance Counselor® who can review your unique situation and provide a free debt analysis. They’ll walk you through your options and help you choose the right solution based on your needs and budget.