Research shows that the average American household experienced a decline in debt. Does that mean the demand for debt relief will decline as well?
Los Angeles-Long Beach, CA (PRWEB) April 13, 2013
In recent years, Americans in general concentrated their efforts in getting out of debt. This is evident in the statistics released by the Census Bureau during the first quarter of 2013.
Research shows that the average American household experienced a decline in debt. In fact, a lot more Americans are enjoying a debt-free life compared to the year 2000 - before the recession. From 74% in 2000, only 69% of the overall household is still in debt by 2011. This goes to show that people are wising up when comes to their finances, and it may be safe to assume that debt relief programs actually work.
But does that mean the demand for debt relief will decline as well?
National Debt Relief or NDR does not think so. Being in the forefront of companies providing debt relief services, they believe that consumers will continue to get help when it comes to credit obligations. Although the number of households in debt have declined, the debt load grew significantly. From $50,000, it grew 40% more to $70,000.
One of the contributors in this increase are seniors who got in debt by helping their adult offsprings through job losses and other financial crisis. 44% of the seniors today are in debt as compared to the 41% back in 2000. The Census reported that the average median debt of baby boomers doubled to $26,000. These are usually unsecured debts - the type of credit that most consumers of National Debt Relief are dealing with.
While that may be surprising, the actual bulk of the debt increase comes from households that are run by 35-45 year old individuals. Their median debt had grown to average at $108,000. Most of these debts are attributed to credit cards.
NDR believes that all of these statistics prove that although more households have achieved a debt free life, there is still a significant amount of debt to be dealt with. More than anything, the debt free households display good faith in debt relief options and the possibility of a life without any credit obligations.
National Debt Relief have helped thousands of consumers to get out of their debt. The company is a proud member of the AFCC (American Fair Credit Council) and duly accredited by the BBB (Better Business Bureau). They specialize in unsecured loans, credit card debts, medical debts and other personal loans. Through an effective program known as debt reduction, they have assisted in negotiating with creditors to give those in severe financial crisis a reprieve and a chance at a debt free life.
Know more about options to get out of debt, visit the National Debt Relief site.