The data suggests exactly what I’ve been reporting on recently, people with debt problems are skewing older these days and it is taking less debt to push people over the edge.
But the most surprising number is the level of average debt consumers are bringing into nonprofit credit counseling debt management plans.
If we take a look at 2009 versus 2011, not only has fairshare for credit counseling groups continued to slip but the average amount of debt enrolled has slipped by over 50 percent in the same time range.
In 2009, the average amount of debt enrolled was about $36,000 and today in 2011, it’s about $17,000. Less debt enrolled equals less fairshare and lower fairshare percentages equals less income for credit counseling groups.
The survey also shows that the average income of DMP clients has increased as well. My bet this is just a reflection that the previous target consumers who made lower average incomes are simply priced out of the assistance. They can’t afford to enroll or service their debt.
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