New York residents have relied on Money Fit debt consolidation services for over twenty years to help with credit card debt and other unsecured debt such as collection accounts, payday loans, medical bills, and more.
As a nonprofit, the Money Fit program provides free credit counseling that aims to find solutions to help individuals dealing with the drain of burdensome debt.
Compared to the national average, the typical cost of living in New York is nearly 30% more than in other states. In particular, housing costs are much higher in the Empire State. Given these added costs, New Yorkers must spend more money to purchase housing, transportation, and many services available more affordably elsewhere.
The good news is that New York ranks sixths in wages among states at more than $20 per hour on average. Obviously, not all towns and cities provide such high wages. While residents in upstate New York and those in the western towns and cities generally realize lower wages, New Yorkers in general do quite well compared to the rest of the country.
Pandemic Poses Many Unique Financial Challenges for New Yorkers
The pandemic caused by COVID-19 had drastic financial implications for the state of New York in 2020.
Early in 2020, when COVID-19 lockdowns went into effect, New York saw a large spike in unemployment insurance claims, and while the long-term economic impact isn’t fully known, it will certainly have a lasting impact.
COVID-19 Impact on Unemployment Rate in New York
Money Fit has compiled resources for individuals that have been negatively impacted financially by COVID-19:
Getting Help With Debt in New York
While housing costs in the New York metropolitan area post a particularly strong financial challenge to household stability, housing costs in upstate and the western regions easily range from on par with or well below national averages. For those in the five New York City Boroughs, Mayor Bill de Blasio’s 2014 Housing New York plan is striving to address the high cost of housing in the city. While the plan has a long way to go, there are notable steps being made to help median-income households afford to house closer to their places of work.
As a nonprofit organization, our mission is to help any consumer looking to improve their financial situation through quality debt consolidation and credit counseling services. There is no fee for our one-on-one credit counseling sessions and we determine together you would benefit from participating in a debt consolidation program, we keep our capped fees within state-regulated guidelines.
Money Fit advises individuals to take precautions when choosing whom to work with when repaying their debt. If a deal offered to you sounds too good to be true it most likely is. Also, consider the impact of working with organizations that claim to settle your debt for less than you owe. How much will it cost you in cash out-of-pocket and how will it affect your credit score? The power of a good credit score should not be underestimated.
Additional Links & Resources:
We provide debt consolidation to all New York residents. If you’re from one of the cities listed above you can read detailed information as to the statistics behind why debt consolidation is needed by many individuals in your area. Just remember, you are not alone in your goal to live debt-free!