New York Debt Relief Guide
In 2021 New York was at the forefront of COVID-19, and lockdowns continue to hurt the local economy. Retail and restaurant sectors were hit the worst but are slowly recovering. One out of ten payroll jobs were in retail before the pandemic, and about 40% of restaurant jobs were lost during the height of the pandemic.
New Yorkers have challenges as they return to work, especially in the hard-hit retail and restaurant industries. But if COVID can be kept at bay, higher employment numbers are sure to follow. The average debt-to-income stands at 93 percent, according to the latest Federal Reserve Data. That means that the average New York resident owes $0.93 in debt for every dollar they earn.
“Conditions in New York, especially New York City, are getting better. But working from home has really hurt small businesses, and despite higher unemployment numbers, there is also a shortage of qualified employees,” says Gary Herman, President of Consolidated Credit. He continues, “Housing and rent increases statewide have put residents in difficult situations, and new home buyers are getting priced out; additionally, due to reduced hours and layoffs, many have increased their debt level during the pandemic.”