The fourteen percentage point jump in those citing 'reduced income' is significant because it says that consumers are still struggling to find income and keep up with their expenses, while many, too many, are losing the battle.
Orlando, Florida (PRWEB) July 1, 2009
In what can only be called a sign of the times for many Americans, InCharge® Debt Solutions (IDS) says a majority of consumers are now citing "reduced income" as the main cause of their debt problems. More than 53 percent of those who contacted IDS in May 2009 hoping to find debt solutions said their problems stemmed from "reduced income," an increase of more than 14 percentage points from the same month one year ago.
"We tend to find that the 'root causes' for debt problems are fairly consistent from month-to-month and year-to-year," said Etta Money, president of InCharge Debt Solutions. "The fourteen percentage point jump in those citing 'reduced income' is significant because it says that consumers are still struggling to find income and keep up with their expenses, while many, too many, are losing the battle."
InCharge Debt Solutions, one of the nation's leading nonprofit credit counseling organizations, provides free counseling to consumers struggling with excessive debt by analyzing their financial situations and offering budgeting assistance, educational resources and solutions that best suits their needs. In cases where a Debt Management Program is appropriate, InCharge Debt Solutions works with creditors to help consolidate creditor account payments into one monthly payment, reduce interest rates, eliminate late and over-limit fees, and bring a halt to collection calls.
For more information about InCharge Debt Solutions, visit http://www.InCharge.org or call 1-888-360-9694.
About InCharge® Debt Solutions (http://www.incharge.org) -- InCharge® Debt Solutions (IDS) provides professional credit counseling and financial education services to consumers and is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA). IDS is an affiliate of InCharge® Institute of America, Inc., a 501(c)(3) nonprofit organization headquartered in Orlando, Florida. Another affiliate is InCharge® Education Foundation, Inc., which publishes Military Money® magazine and offers financial literacy education to clients and the general public.
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