Fortunately for its residents, the Sooner State has an incredibly low cost of living compared to the rest of the United States. This also means that Oklahomans have lower than average incomes, which isn’t ideal for those with significant debts to pay off. If you’re having a hard time paying off your debt and interested in learning more about debt consolidation, read on to see if Accredited Debt Relief’s services can help.
Oklahoma Financial Facts
- The Oklahoma debt-to-income ratio is 1.195.
- The average Oklahoman credit card balance of $8,197 and a median annual household income of $50,051.
- Oklahoma was recently ranked as the second most affordable state to live in, with an average home price of $317,039. The most expensive areas to live in Oklahoma are Stillwater, Grove and Claremore.
Plan to Get Out of Debt
Getting out of debt is a crucial first step to a positive financial future, but it can be difficult to know where to start. The best way to get out of debt faster is to consistently pay more than your minimum payments each month. This might be difficult to manage if you are juggling multiple credit card payments and can be even harder if an emergency occurs and you’re faced with unexpected bills.
You don’t have to work your way out of debt on your own. If you are struggling to meet your minimum payments and considering filing for bankruptcy, a debt relief company could help.
Oklahoma Debt Consolidation
With an A+ rating from the BBB, Accredited Debt Relief has been helping people across Oklahoma take control of their finances. Whether you’re in Oklahoma City, Tulsa, Broken Arrow, Norman or elsewhere in the Sooner State, our team can provide you with a free consultation to discuss your options and help you take your first steps towards a debt-free future. Contact our team to learn more about our services.
Sources:
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
CNBC: https://www.cnbc.com/2019/07/10/americas-10-cheapest-states-to-live-2019.html
HomeSnacks: https://www.homesnacks.net/most-expensive-cities-in-oklahoma-127577/