Debt concerns are no stranger to residents of Indiana, and it can be difficult to know where to start when it comes to taking control of your finances. If you have a large amount of debt, relief and consolidation services may be a good option for you.
Indiana Debt Statistics
- Hoosiers have an average credit card balance of $7,393. If they dedicate 15% of their income to paying it off each month, it would take 13 months on average to be free of debt.
- Indiana's median debt-to-income ratio is 1.09.
- Indiana has a lower cost of living than other states, coming in as the 9th most affordable US state to live in.
- Indiana’s median household income is $54,181, and the average home price in Indiana is $250,625.
Why it’s Important to Take Control of Your Debt
The burden of debt can affect your quality of life in many ways. A low credit score and financial insecurity will affect your future standard of living. Additionally, the constant stress that comes from juggling multiple bills and making difficult spending choices can negatively impact your health.
Being proactive about your debt can help you be ready for the unexpected. Family emergencies, home repairs, illnesses and deaths are not only difficult to deal with, but they’re followed by unanticipated expenses. The Federal Reserve recently reported that 39% of adults would not be able to cover an unexpected $400 expense with their savings, cash or a credit card that could be paid off with their next bill. By taking initiative and gaining control of your debt, you can be better prepared for life’s twists and turns.
Indiana Hardship Relief - is it Right For Me?
Debt relief programs are not an easy fix, but they’re worth considering if the following are true:
- You cannot repay your unsecured debt within five years on your own
- You’re juggling multiple, high-interest credit card payments
- You are facing financial hardships and need help getting back on track
Getting out of debt on your own can be very difficult. Debt relief companies can help by working directly with creditors and negotiate on your behalf for less than what you owe.
Before getting started with a debt relief company, it’s important to research your options and partner with a trustworthy team. With an A+ accredited rating from the Better Business Bureau, Accredited Debt Relief is ready to help you with your unsecured debt.
Indiana Debt Consolidation
Accredited Debt Relief is licensed to provide debt relief services throughout Indiana. Whether you’re in Indianapolis, Fort Wayne, Evansville, the Calumet Region or anywhere in between, our team can provide you with a free consultation to discuss your financial situation. Contact us today to take your first steps toward financial freedom.
Chamber of Commerce: https://www.chamberofcommerce.org/credit-card-debt-by-state
Federal Reserve State Level Debt-to-Income Ratio, 1999 - 2018: https://www.federalreserve.gov/releases/z1/dataviz/household_debt/state/map/#year:2018
Federal Reserve - Report on the Economic Well-Being of U.S. Households in 2018: https://www.federalreserve.gov/publications/files/2018-report-economic-well-being-us-households-201905.pdf