Every year, millions of tourists visit Louisiana to explore national parks, learn about the state’s rich history, eat delicious Cajun cuisine and celebrate Mardis Gras. Although the Bayou State has plenty to offer, many Louisianans are unable to enjoy their home to the fullest due to financial difficulties and overwhelming debt. Fortunately, debt relief services are available to Louisiana’s residents, including those offered through Accredited Debt Relief.
Louisiana Financial Facts
- The average Louisiana resident has a credit card balance of $8,110 and a median annual household income of $46,145.
- The median debt-to-income ratio in Louisiana is 1.324.
- Although the cost of living varies throughout the state, those living in New Orleans, Natchitoches, Ruston and Baton Rouge have a higher cost of living than their neighbors.
Why Is It so Difficult to Get out of Debt?
When you’re facing overwhelming debt, it can be difficult to work your way out on your own. You may find yourself struggling to make your payments after accidentally missing payments or spending beyond your means. Many fall into debt due to unforeseen circumstances, like sudden health issues or emergency home repairs.
Credit cards make it easy to cover your expenses when you’re in a bind, but they come with their own set of complications. If you aren’t able to pay back your credit card debt in a timely manner, your debt will grow thanks to interest and late fees.
Taking care of your debt is one of the best things you can do to set yourself up for financial success. Reducing debt can help improve your credit score, alleviate stress and allow you to put your money towards the things that matter most to you.
Louisiana Debt Consolidation
Accredited Debt Relief is a financial services company that provides debt relief options to Louisiana’s residents, including those living in New Orleans, Shreveport, Baton Rouge, Lafayette, Lake Charles, and everywhere in between. With an A+ BBB rating, our team is happy to provide you with a free consultation to review your finances and match you with financial solutions that meet your unique needs. Learn more about how Accredited Debt Relief can help you take control of your debt today.
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