Colorado is best known for its natural beauty, unique national parks and outdoor recreation opportunities, making the Centennial State an idyllic place to call home. Unfortunately, many Coloradans are held back by their finances and unable to enjoy everything that their state has to offer. Luckily, those in debt have options when it comes to debt relief, including the services offered to Colorado’s residents through Accredited Debt Relief.
Colorado Finances at a Glance
- Colorado’s median debt-to-income ratio is 1.754.
- Coloradans have an average credit card balance of $8,463 and a median annual household income of $69,117.
- Although the cost of living can vary greatly depending on your exact location, those living in Boulder, Vail, Edgewater, Golden and Carbondale are paying more than their neighbors.
Why Is It Difficult to Get Out of Debt?
Falling into debt can happen quickly and easily. For some, it begins with excess spending and accidentally missing payments. Many accrue debt due to circumstances out of their control, like unforeseen medical expenses and emergency home repairs.
One of the easiest ways to pay for unexpected bills is to pay with credit cards, but failing to pay them off in a timely manner can quickly lead to more debt. You may feel overwhelmed trying to juggle your credit card bills with other monthly expenses, like rent, utilities, student loans and groceries, and this could lead to having to pick and choose what gets paid for each month.
If you’re stuck in a cycle of debt, it’s crucial that you make a plan to pay it off as soon as possible. Reducing your debt can improve your credit score, allow you to put your money towards the things that matter most to you, and improve your peace of mind.
Colorado Debt Consolidation
Accredited Debt Relief provides debt consolidation and financial services to residents of Colorado, including the Denver metro area, Pueblo, Fort Collins and Grand Junction. With an A+ BBB rating, our team is ready to review your finances and match you with the debt relief program that works best for you. Schedule a free, no obligation consultation today to learn more about how Accredited Debt Relief can help you begin your journey to becoming debt-free.
Chamber of Commerce: https://www.chamberofcommerce.org/credit-card-debt-by-state
Federal Reserve: https://www.federalreserve.gov/releases/z1/dataviz/household_debt/state/map/#year:2018