Higher Income No Guarantee of Debt-Free Life

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InCharge Debt Solutions

May 04, 2011, 09:15 ET

Debt problems among consumers with higher incomes grows significantly shows data from InCharge Debt Solutions

ORLANDO, Fla., May 4, 2011 /PRNewswire-USNewswire/ -- The notion that debt problems are most often associated with low incomes is quickly becoming a thing of the past, say experts at InCharge Debt Solutions.  In a study of consumers who contacted them to find solutions to their credit card debt problems, the organization says there was a significant increase in the number of people with "higher than average" incomes seeking their assistance.

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Data from calls received by InCharge Debt Solutions from 2008-2010 documents a 29% increase in inquiries from consumers with incomes above the Area Median Income (AMI) for their geographic location.  During the same period, contacts from people whose income is less than 50% of their communities' AMI dropped by 25% while calls from consumers whose incomes were between 50%-100% of their AMI stayed steady over the two-year period.

"This is very significant data because it demonstrates that no Americans are really immune from the devastation of debt problems, regardless of their incomes," said Etta Money, president of InCharge Debt Solutions.  "In today's economy, any number of factors, including unexpected emergencies, divorce, job loss, or even poor money management can cause consumers to overuse their credit cards."

InCharge Debt Solutions, a 501(c)(3) nonprofit organization, provides free credit counseling and housing counseling services to consumers and servicemembers in need of financial literacy education, money management guidance, and help finding the right debt solution for their specific situation.

For more information, contact InCharge Debt Solutions:

About InCharge® Debt Solutions

InCharge® Debt Solutions, Inc., is a 501(c)(3) non-profit organization specializing in personal finance education, housing counseling and credit counseling. Founded in 1997, InCharge interacted with over 1.2 million consumers in 2010 alone.  InCharge is affiliated with InCharge® Education Foundation, Inc. (ICEF) which is dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America.  ICEF also provides financial literacy training to servicemembers and their families through MilitaryMoney.com.  InCharge is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA) and is accredited by the Council on Accreditation (COA). 

Contact: Media Relations
InCharge® Debt Solutions
(407) 532-5599
[email protected]

SOURCE InCharge Debt Solutions

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