debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Report highlights typical person seeking consumer credit counseling
By Sam Craine on Jul 6th, 2010
A recent study shows that the recession is driving more people within the middle class into bankruptcy.
According to the Institute for Financial Literacy executive director Leslie Linfield, the most common type of person who is looking for consumer credit counseling because of financial troubles is between 33 and 44 years old, married and Caucasian with at least a high school diploma. Furthermore, they are working and are making less than $30,000.
"What differentiates the 2009 data from previous years is the increase in bankruptcy filings among individuals earning $60,000 or more a year, those holding bachelors or graduate degrees, and adults ages 55 and older," Linfield said.
According to the study done by the institute, married people have seen an 8 percent increase in bankruptcy filings. People who are unemployed are also seeing higher rates than in the years leading up to the recession.
Facing these financial difficulties, people may consider a number of options, including consumer credit counseling. Through firms that offer these services, people in debt could see lower interest rates on their credit cards.
More Consumer Credit Counseling News
