For more information:
Andrew K. Johnson
GreenPath Debt Solutions
Communications Manager, (248) 488-0419
mediarelations@greenpath.com
GreenPath Debt Solutions Releases 2009 Statistics
25% increase in unsecured debt; 10% increase in average client annual income
(FARMINGTON HILLS, MI – April 6, 2010) - GreenPath Debt Solutions, a non-profit, nation-wide consumer credit counseling agency, recently released statistics related to the average client who participated in a debt management plan in 2009 versus 2008. GreenPath saw increases in the areas of average client annual income, unsecured debt, age and number in household.
The findings:
Category
|
2008
|
2009
|
Percent change
|
Average client annual income
|
$37,889
|
$41,711
|
10 percent increase
|
Average client unsecured debt (at setup)
|
$21,623
|
$26,953
|
24.7 percent increase
|
Average age (at setup)
|
43.7
|
45
|
3 percent increase
|
Ave. number in household
|
2.3
|
2.4
|
4 percent increase
|
Percent female
|
63.14%
|
63.50%
|
0 percent
|
Percent male
|
36.86%
|
36.5%
|
0 percent
|
Ave. number of unsecured creditors
|
8.1
|
7.9
|
-2.7 percent
|
“It is evident that, in 2009, our clients were experiencing what a lot of America was experiencing,” said Jane McNamara, president and CEO for GreenPath. “The ten percent increase in income shows that financial difficulties affected those in a higher income bracket in 2009,” she continued.
In addition, the 24.7 percent in unsecured debt reflects that clients had to depend even more on credit cards and other forms of credit during 2009.
“We weren’t that surprised with the average age jump in clients from a little over 43 and a half to 45,” said McNamara. “We see more and more older individuals who are asking for help with debt and credit counseling, budgeting, household counseling, financial education and more.”
An interesting finding is that the average number in the household edged up slightly. “We can possibly attribute that to the idea that as foreclosures increased and recent college graduates started looking for work, they had to move in with relatives,” said McNamara.
For more information, contact GreenPath Debt Solutions at (866) 648-8122 or log on to www.greenpath.com.
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GreenPath Debt Solutions is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns. Their customized services and attainable solutions have been helping people achieve their financial goals since 1961. Headquartered in Farmington Hills, Michigan, GreenPath operates more than 50 full-time branch offices in Michigan, New York, New Hampshire, Colorado, Florida, Texas, Vermont, Illinois, Indiana, Wisconsin, Arizona and Wyoming. GreenPath also delivers licensed services throughout the United States over the Internet and telephone. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and is accredited by the Council on Accreditation (COA). For more information, visit www.greenpath.org.