(PRWEB) March 28, 2013
Despite recent census findings, people in debt are worse off than they were in the year 2000; 40% worse to be exact. While the number of people in debt has dropped from 74% in 2000 to 69% in the most recent census, the median amount of money owed by those in debt rose significantly - $70,000 from approximately $51,000 in 2000. That number was even calculated to match inflation over the course of the decade. Florida finds itself with approximately $1,630 in debt per capita and $30,660,000 in outstanding debt overall. Orlando residents, seniors in particular, have found a different way of handling their debts: auto equity loans.
Many Orlando residents have seen success in using auto equity loans to save themselves from mounting stacks of debt. Auto equity loans provide the consumer with alternative means of funding, as well as giving them the ability to repay their outstanding debts. Orlando Auto Equity Loans have slowly become an integral part of people using loans as a means to begin the slow climb out of debt. They give the customer a same-day loan and the ability to borrow up to $5,000, with as long as twelve months to repay the loan.
The amount of debt for seniors climbed from 41% to 44% and the households that owed the most were those owned by residents between the ages of 35 and 44. Even with all the debt, the amount of people with credit card debt has decreased as well. The numbers show only 38% of US residents have debt, compared to 51% in 2000.
Some use auto title loans as a comfort strategy – a cushion until they have the income to pay off their major debts. The numbers show that debt overall has decreased, but for a select amount of individuals, debt has only gotten worse and has lead to many people looking for safe alternatives like Orlando Auto Equity Loans.