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Before the start of the Great Recession, the job market, population, and consequently the housing market in the Puget Sound region were growing at twice the national rate. So, when the Recession hit, the area had a long way to fall. In fact, it’s estimated that four-fifths of the jobs lost in the area (including Seattle) can be attributed to the decline in the construction, finance, and real estate industries.1
The good news is that the area’s economy is poised for a comeback and another escalation of job opportunities and increased economic prosperity. The unemployment rate steadily dropped in the second half of 2012 to well below the national average.2 And, the median household income in Seattle is now higher than the state average, and substantially higher than the national average.3
However, many Seattle residents may still feel the effects of the previously high rates of unemployment. During the economic downturn they may have had to rely on credit cards to help make ends meet, and may still be carrying that debt. Our proprietary data on loan-free debt consolidation in Seattle, WA shows that in 2011 the average amount of debt reported in Seattle was 21% higher than the national average and 16% higher than in 2012. This may mean that, despite making a comfortable wage now, many residents may still be carrying debt “baggage” from less stable economic times.
If you’re looking for information on debt consolidation in Seattle, WA, CareOne Debt Relief Services® encourages you to speak with one of our Certified Personal Finance Counselors® today. They’ll help you explore more effective options for managing your unsecured debt. It’s not a loan; it’s a realistic way to help you streamline your debt with one affordably monthly payment so you can maintain control of your finances.